Suppose the Stock of Government Debt in Canada at the End

question 50

Multiple Choice

Suppose the stock of government debt in Canada at the end of one fiscal year is $475 billion. If the stock of debt falls to $461 billion by the end of the next fiscal year, and debt- service payments during that year were $38 billion, then we know that the government had

• A)a primary budget surplus of $52 billion.
• B)a primary budget surplus of $14 billion.
• C)an annual budget surplus of $14 billion.
• D)an annual budget surplus of $38 billion.
• E)a primary budget surplus of $24 billion.

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Definitions:

Wage Base

The maximum amount of earnings that is subjected to certain taxes, such as Social Security taxes, within a given time period.

Excise Tax

A tax charged on specific goods and services, such as alcohol and tobacco, usually to discourage their use or generate revenue.

Direct Tax

A tax levied directly on an individual or an organization's income or wealth, such as income tax or property tax.

Local Property Taxes

Taxes imposed by local governments based on the assessed value of property, primarily real estate, used to fund local services such as schools, roads, and police.