If Tax Revenues Equal 25 Percent of Total Output and Government

question 51

Multiple Choice

If tax revenues equal 25 percent of total output and government expenditures equal 20 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:

Execute Judgement

The legal process of enforcing or implementing a court's judgment or order.

Strictly Liable

A legal condition where a party is responsible for damages or loss, regardless of fault or negligence.

Dangerous Object

An item that through its inherent characteristics, use, or misuse, can reasonably be foreseen to cause injury or harm.