Microeconomics Study Set 10
Quiz 20: Taxation and the Public Budget
When a Government Spends More Than It Earns in Revenue,we
When a government spends more than it earns in revenue,we say that it has a: A) budget surplus. B) budget deficit. C) budget crisis. D) federal debt.
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When a government earns more than it spends in revenue,we say that it has a: A) budget surplus. B) budget deficit. C) federal debt. D) federal deficit.
Deficits and surpluses are commonly calculated as: A) debt per taxpayer. B) average debt per state. C) a percentage of national GDP. D) absolute values.
If the federal government brings in $1.1 trillion in tax revenues and spends $0.7 trillion,the government has a budget: A) deficit of $0.4 trillion. B) surplus of $0.4 trillion. C) deficit of $1.8 trillion. D) surplus of $1.1 trillion.
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