The amount by which government spending exceeds government revenues is called the ______, and the accumulation of past government borrowing is called the ______.

Question

Quizplus · Accepted Answer

The term for government spending exceeding government revenues is called a deficit, while the accumulation of past borrowing is called debt. Therefore, option A, "deficit; debt" is the correct answer. Options C and D are incorrect as they refer to different economic concepts.

The Amount by Which Government Spending Exceeds Government Revenues Is