A New Country Has Been in Existence for Only Two

question 213

Multiple Choice

A new country has been in existence for only two years. In the first year, tax revenues were $1.0 million and outlays were $1.5 million. In the second year, tax revenues were $1.5 million and outlays were $2.0 million. At the end of the second year, the total government debt was

• A) $0.5 million.
• B) $1 million.
• C) $2.5 million.
• D) $3.5 million.

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Definitions:

Article V

Depending on context, this could refer to various legal or constitutional provisions, but generally involves rules for amendment or alteration of a document or organization's governing principles.

Constitution Laws

Body of law which defines the relationship of different entities within a state, namely, the executive, the legislature, and the judiciary.

State Law

Legislation enacted by a state government that is applicable within the boundaries of that state.

Commerce Clause

A provision in the U.S. Constitution that grants Congress the power to regulate commerce with foreign nations, and among the several states and with the Indian tribes.