If Tax Revenues Equal 20 Percent of Total Output and Government

question 39

Multiple Choice

If tax revenues equal 20 percent of total output and government expenditures equal 25 percent of total output, then there is a:

• A)government budget surplus.
• B)trade surplus.
• C)government budget deficit.
• D)trade deficit.

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Definitions:

Romanticism

An artistic, literary, and intellectual movement that originated in the late 18th century, emphasizing emotion, individualism, and the glorification of nature and the past.

Artistic Movement

A trend or style in art with a specific common philosophy or goal, followed by a group of artists during a restricted period of time.

Enlightenment

An intellectual and philosophical movement that dominated the world of ideas in Europe during the 17th and 18th centuries, emphasizing reason, individualism, and skepticism towards traditional doctrines.

Official Nationality

A doctrine or policy, especially in historical contexts, where the state defines and promotes a singular national identity, often for purposes of unity or control.