Refer to the following figure when answering
Figure 18.2: Government Outlays and Receipts as a Percentage of GDP, 1947-2012
-Consider Figure 18.2. Which of the following were periods when the federal government ran a budget surplus?

Question

Refer to the following figure when answering  
Figure 18.2: Government Outlays and Receipts as a Percentage of GDP, 1947-2012 
-Consider Figure 18.2. Which of the following were periods when the federal government ran a budget surplus?

Quizplus · Accepted Answer

During the period 1998-2002, the line representing government receipts is above the line representing government outlays, indicating that the federal government ran a budget surplus in those years. Both A and C show periods when the lines cross, indicating that the government ran deficits in some years and surpluses in others, but not consistently over the entire period. D is incorrect because only the period 1998-2002 had a consistent surplus. E is incorrect because there was at least one period of surplus.

Refer to the Following Figure When Answering