Business, 12.08.2020 08:01 pamelakroll98
Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry about trade with other countries.
Total spending for the federal government of Lilliput for the last fiscal year was $1.06 billion. The country collected $1.05 billion in taxes during this same fiscal year. Assume government transfers were zero. Based on this information, what is Lilliput's budget balance? In the last fiscal year, Lilliput was running:.
a. a budget surplus.
b. a balanced budget.
c. a budget deficit.
Answers: 2
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