In 2013,the federal government of Happy Isle had tax revenues of $1 million,and spent $500,000 on transfer payments,$250,000 on goods and services and $300,000 on debt interest.In 2011,the government of Happy Isle had a ________.

Question

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The total expenditure in 2013 was $1,050,000 ($500,000 + $250,000 + $300,000), which exceeds the tax revenues of $1 million, resulting in a budget deficit of $50,000.

In 2013,the Federal Government of Happy Isle Had Tax Revenues