Which of the Following Is TRUE When a Budget Deficit

question 56

Multiple Choice

Which of the following is TRUE when a budget deficit exists?

• A) Government expenditures exceed tax revenues.
• B) Tax revenues exceed government expenditures.
• C) A trade surplus exists.
• D) Dissaving exists.

Understand the exceptions to the statute of limitations for various offenses and contracts.

Recognize legal remedies available for contract breaches and violations, including injunctions and specific performance.

Differentiate between various equitable maxims and their applications in law.

Identify the distinctions between specific performance and other legal remedies in contract law.

---

Definitions:

Express Warranty

An explicit promise made by a seller to a buyer regarding the condition, quality, or performance of the goods being sold.

Implied Warranty

A legal presumption that a product will perform as expected, despite no express statement of such quality assurance being made.

Sales Contract

A legal agreement between two parties, where one agrees to buy and the other agrees to sell goods or services under specified terms and conditions.

Breach of Warranty

The failure to meet the terms of a promise or guarantee made about the quality, condition, or functionality of a product or service.