Financial Accounting Government tax revenue is $500,000,000. It's spending is$575,000,000. Is the government running a surplus, abalanced budget, or a deficit? If it is not running a balancedbudget, how large is the imbalance?

Step 1: Define Tax RevenueIn macroeconomics, the tax revenue is considered as the income of the…

Answered: Government tax revenue is $500,000,000.…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter3: Financial Statements, Tools, And Budgets

Section: Chapter Questions

Problem 1LTAI

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Government tax revenue is $500,000,000. It's spending is $575,000,000. Is the government running a surplus, a balanced budget, or a deficit? If it is not running a balanced budget, how large is the imbalance?