Question

If government outlays in 2011 were $2.2 trillion and government revenues were $3.8 trillion, the federal Group of answer choices debt was unaffected. debt decreased $1.6 trillion. budget deficit was $1.6 trillion. budget was balanced. budget surplus was $1.6 trillion.

Answer 1

The budget surplus is $1.6 trillion.

When a government's revenues exceeds its outlays, the government is said to run a surplus. If  government's revenues is less than its outlays, the government is said to have a deficit.  If a government runs a deficit, its debt would increase because it would have to borrow to fund the deficit.

Amount of budget surplus = government's revenues - outlays

$3,8 trillion - $2.2 trillion = $1.6 trillion

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