Question : The difference between total government expenditures and total government revenues is known as:
Option 1: The budget deficit
Option 2: The budget surplus
Option 3: The national debt
Option 4: The trade deficit
Answer (1)
22nd Jan, 2024
Correct Answer:
The budget deficit
Solution : The correct answer is (a) The budget deficit.
The difference between total government expenditures and total government revenues is referred to as the budget deficit. It occurs when the government's spending exceeds its income or revenue during a specific period, typically a fiscal year. The budget deficit represents the shortfall or negative balance in the government's finances.
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