If, in Any Given Year, the Government Takes in More

question 71

Multiple Choice

If, in any given year, the government takes in more money than it spends on goods and services, the result is a budget _____.

• A) overload
• B) overflow
• C) excess
• D) surplus

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Definitions:

Monopolist

A singular entity that is the only provider of a particular product or service in the market, controlling the market and potentially manipulating prices and output.

Demand Elasticity

The measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.

Planning Horizon

The time period over which a plan, projection, or decision is expected to unfold or have an impact.

Natural Gas

A fossil fuel composed mainly of methane, used as an energy source for heating, cooking, and electricity generation.