Which of the following statements is correct regarding government budget deficits and national debt?
A) Debt is the accumulated amount that is owed at a point in time, and deficit is the amount by which expenditures exceed revenue in a time period's budget.
B) Deficit is the accumulated amount that is owed at a point in time, and debt is the amount by which expenditures exceed revenue in a time period's budget.
C) Debt is the total of all investments in capital, and deficit is the amount by which expenditures on nondurables exceed revenue.
D) Deficit is the total of all investments in capital, and debt is the amount by which expenditures on nondurables exceed revenue.
Correct Answer:
Verified
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