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Scrat [10]
3 years ago
10

Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry abou

t 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.
Business
1 answer:
sashaice [31]3 years ago
8 0

Answer: budget deficit

Explanation:

From the question, we are informed that the total spending for the federal government of Lilliput for the last fiscal year was $1.06 billion and that the country collected $1.05 billion in taxes during this same fiscal year.

Since the expenditure of $1.06 billion is more than the revenue of $1.05 billion, this show that there was a budget deficit.

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