In the country of Econoville, tax revenue collected by the government this year is $12 million, and government outlays are $15 million. This country currently has a Choose one: A. budget surplus of $27 million. B. budget surplus of $3 million. C. budget deficit of $15 million. D. balanced budget. E. budget deficit of $3 million.

E. budget deficit of $3 million.

Explanation:

if government spending exceeds revenue from tax, there is a budget deficit

if government spending is less than revenue from tax, there is a budget surplus

government outlays exceeds tax revenue by $3 million. there is a deficit of $3 million

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"