A deficit is defined as
A) the excess of total expenditures over total revenues.
B) the excess of total revenues over total expenditures.
C) government spending plus transfer payments.
D) the sum of all past borrowing by the government.

Question

Quizplus · Accepted Answer

A deficit is the excess of total expenditures over total revenues, meaning that the government is spending more money than it is taking in through taxes and other sources of revenue.

A Deficit Is Defined as