EBK MICROECONOMICS
2nd Edition
ISBN: 9780134458496
Author: List
Publisher: VST
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Chapter 10, Problem 1Q
To determine
Situations when the government faces a situation of budget surplus.
Expert Solution & Answer
Explanation of Solution
Government faces a situation of budget surplus when the tax revenue collected by the government is large enough to cover its expenditure and have additional funds afterwards. A situation of budget surplus indicates that the government is using its revenue appropriately and efficiently.
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