APFIVE Budget Surplus Versus Budget Deficit
Which of the following best describes the difference between a government budget surplus and a government budget deficit?
A
Deficit is related to monetary policy, while surplus is related to fiscal policy.
B
Surplus occurs when revenues exceed expenditures; deficit occurs when expenditures exceed revenues.
C
Deficit occurs when revenues exceed expenditures; surplus occurs when expenditures exceed revenues.
D
Surplus is related to monetary policy, while deficit is related to fiscal policy.
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