In 2016, the city of Springfield collected $375,000 in taxes and spent $450,000. In 2016, the city of Springfield had a
A. budget surplus of $825,000.
B. budget surplus of $75,000.
C. budget deficit of $75,000.
D. budget deficit of $125,000.
Answer: C
You might also like to view...
The poll tax and the flat tax are equivalent since with each, everyone is taxed a fixed percentage of income
Indicate whether the statement is true or false
When will the difference between the actual deficit and the structural deficit be the smallest?
a. in a major recession b. in a major recession c. at full employment d. in an inflationary gap
Which of the following is a leading economic indicator?
a. labor force participation rate b. GDP deflator c. S&P 500 d. Consumer Price Index (CPI)
All of the following would be included in aggregate expenditure except
A. social security payments. B. changes in inventories. C. sales of domestically produced goods to foreigners. D. purchases of services provided by government employees.