Refer to the diagram, in which T is tax revenues and G is government expenditures. All ﬁgures are in billions. If GDP is $400,
A) there will be a budget deﬁcit.
B) there will be a budget surplus.
C) the budget will be balanced.
D) the macroeconomy will necessarily be in equilibrium.

Question

Refer to the diagram, in which T is tax revenues and G is government expenditures. All ﬁgures are in billions. If GDP is $400,
A) there will be a budget deﬁcit. 
B) there will be a budget surplus. 
C) the budget will be balanced. 
D) the macroeconomy will necessarily be in equilibrium.

Quizplus · Accepted Answer

The Answer of  Refer to the diagram, in which T is tax revenues and G is government expenditures. All ﬁgures are in billions. If GDP is $400,
A) there will be a budget deﬁcit. 
B) there will be a budget surplus. 
C) the budget will be balanced. 
D) the macroeconomy will necessarily be in equilibrium.

Refer to the Diagram, in Which T Is Tax Revenues