A country has been in existence for only two years. In the first year, tax revenues were $1.0 million and outlays were $1.5 million. In the second year, tax revenues were $1.5 million and outlays were $2.0 million. At the end of the second year, the total government debt was ________. A: $0.5 million B: $1 million C: $2.5 million D: $3.5 million
A country has been in existence for only two years. In the first year, tax revenues were $1.0 million and outlays were $1.5 million. In the second year, tax revenues were $1.5 million and outlays were $2.0 million. At the end of the second year, the total government debt was ________. A: $0.5 million B: $1 million C: $2.5 million D: $3.5 million
The<br/>expenditure classification "Capital Outlays" is an example<br/>of which of the following types of classification? () A: Function. B: Character. C: Object. D: Both B and C are correct.
The<br/>expenditure classification "Capital Outlays" is an example<br/>of which of the following types of classification? () A: Function. B: Character. C: Object. D: Both B and C are correct.
Suppose the only revenue taken in by the government is in the form of income tax, and the tax rate is 10 percent. If aggregate income is $800 billion, and government outlays are $100 billion then the government budget has A: a deficit of $20 billion. B: a surplus of $20 billion. C: neither a surplus nor a deficit. D: a deficit of $80 billion.
Suppose the only revenue taken in by the government is in the form of income tax, and the tax rate is 10 percent. If aggregate income is $800 billion, and government outlays are $100 billion then the government budget has A: a deficit of $20 billion. B: a surplus of $20 billion. C: neither a surplus nor a deficit. D: a deficit of $80 billion.