3. When the federal government's collection of tax revenues is less than what it spends in a given year, it results in a:
a. Federal Reserve allowance
b. GDP deflator
C. Balance of paymerits deficit
d. National deficit

d. National deficit

Explanation:

A national deficit occurs when the federal government expenditures exceed the revenues collected.  Every year, the federal government prepares a national budget for the following financial year. The budget details the expected expenditures and the projected revenues. In recent years, the expenditures have been exceeding the revenues collected, leading to a national deficit.  

The federal government resorts to borrowing to cover the gap between the expenses and revenue collected.

answer; normative economics;

answer; ///after donning a gown, mask and eyewear;