When Economists Use the Term "Budget Surplus" They Are Referring

question 94

Multiple Choice

When economists use the term "budget surplus" they are referring to

• A)net tax revenues minus government purchases.
• B)national income minus transfer payments.
• C)national income minus consumption.
• D)disposable income minus consumption.
• E)net tax revenues minus transfer payments.

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Definitions:

Inference Rules

Set guidelines or principles used to deduce new information or conclusions from known facts or premises.

Mental Graph

Mental Graph is a conceptual representation of information in the form of a graph structure in one's mind, used to illustrate relationships between concepts or data.

True Conditions

True conditions refer to circumstances or parameters that are in accordance with fact or reality.

Problem Space

The cognitive framework within which all possible actions, states, and goals are considered by an individual when solving a problem.