1. When the? government's outlays equal its tax? revenue, then the budget
A. is in deficit.
B. is legal only because expenditures equal tax revenues.
C. is balanced.
D. could be either in surplus or deficit.
E. is in surplus.
2. When government outlays exceed tax? revenue, the situation is called a budget
A. with no balance.
B. surplus.
C. deficit.
D. with a negative balance.
E. debt.