If government spending is 6.2 trillion while government revenue is 6.2 trillion, the government is said to have a
A) balanced debt. B) balanced budget. C) budget surplus. D) budget deficit.
Question 2
The tax multiplier is negative because
A) tax rates are inversely related to tax revenues.
B) taxes always have a negative impact on the economy.
C) increases in taxes decrease disposable personal income and lead to a reduction in consumption spending.
D) increases in consumption spending have a negative impact on tax revenues.
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