When government outlays exceed tax revenues, the situation is called a budget
A) surplus.
B) deficit.
C) with a negative balance.
D) with no balance.
E) debt.
Question 2
The law of demand refers to the fact that, other things remaining the same, when the price of a good rises,
A) the demand curve shifts rightward.
B) the demand curve shifts leftward.
C) there is a movement down along the demand curve to a larger quantity demanded.
D) there is a movement up along the demand curve to a smaller quantity demanded.
E) the demand curve shifts rightward and there is a movement up along the demand curve to a smaller quantity demanded.
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Annual Federal Deficit (or Surplus), 1992–2016
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