Budget Surplus Is the Amount by Which the Government's Receipts

question 64

True/False

Budget surplus is the amount by which the government's receipts exceed expenditures during a specified period of time, usually a year.

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Definitions:

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Long Run

A period of time in economics during which all factors of production and costs are variable, and all adjustments can be made within the economy.

Concentration Ratio

A measure of the market share held by the largest firms within an industry.

Industry

The segment of the economy concerned with production, as opposed to services, characterized by the manufacture of goods.