When Government Expenditures in a Given Year Exceed Tax Receipts,there

question 56

Multiple Choice

When government expenditures in a given year exceed tax receipts,there exists

• A)a budget surplus.
• B)a budget deficit.
• C)public revenue.
• D)full-employment taxation.

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Definitions:

Labor Market

The supply of available workers in relation to available work, and the dynamics of wages, employment, and income.

Households

Entities comprising one or more persons who live together and make joint decisions about consumption and other aspects of their lives; considered a basic unit in economics for analysis of consumption patterns.

Firms

Business entities or organizations that produce goods or provide services with the aim of earning profits.

Opportunity Cost

The expense incurred by not selecting the next most favorable option when deciding or opting for one action instead of another.