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JAMB Economics 1987 Question 39

Question 39

Public Finance

A budget with a projected revenue in excess of its expenditure is said to be

  1. A.balanced
  2. B.surplus
  3. C.deficit
  4. D.inflationary.
Show the answer and explanation

Answer: B (surplus)

Explanation

When planned revenue is more than planned spending, the budget is in surplus.