If this year, the government collects £250bn in taxes and spends £400bn, it must have a a) budget deficit of £150bn b) budget deficit of £650bn c) budget surplus of 83% d) budget surplus of £150bn

If this year, the government collects £250bn in taxes and spends £400bn, it must have a a) budget deficit of £150bn b) budget deficit of £650bn c) budget surplus of 83% d) budget surplus of £150bn

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter17: Federal Deficits, Surpluses, And The National Debt

Section: Chapter Questions

Problem 1SQ

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Question

If this year, the government collects £250bn in taxes and spends £400bn, it must have a

a) budget deficit of £150bn

b) budget deficit of £650bn

c) budget surplus of 83%

d) budget surplus of £150bn

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