Suppose that the government of Summerfield spends $2 trillion in 2015 and receives tax revenues of $1.5 trillion. Which of the following is True? a) Summerfield has a budget surplus. b) Summerfield has

Suppose that the government of Summerfield spends $2 trillion in 2015 and receives tax revenues of $1.5 trillion. Which of the following is True? a) Summerfield has a budget surplus. b) Summerfield has a budget deficit. c) Summerfield's budget is balanced. d) More information is needed to determine the budget status.

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Suppose that the government of Summerfield spends $2 trillion in 2015 and receives tax revenues of $1.5 trillion. Which of the following is True? a) Summerfield has a budget sur…

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