What total government obligation is built up from past budget deficits net of surpluses?
A
The budget deficit is the total stock owed by government from one year's spending exceeding revenue.
B
The national income is the total stock owed by government from past tax receipts net of spending.
C
The budget surplus is the total stock owed by government from past deficits net of surpluses.
D
The national debt is the total stock owed by government from past deficits net of surpluses.
5.2.3 meaning and significance of the national debt Flashcards
23 flashcards on CIE Intl A Level Economics 5.2.3 meaning and significance of the national debt: the key terms and definitions you need to recall.