3. When the federal government's collection of tax revenues is less than what it spends in a
given year, it results in a:
a. Federal Reserve allowance
b. GDP deflator
C. Balance of paymerits deficit
d. National deficit

A national deficit occurs when the federal government expenditures exceed the revenues collected. Every year, the federal government prepares a national budget for the following financial year. The budget details the expected expenditures and the projected revenues. In recent years, the expenditures have been exceeding the revenues collected, leading to a national deficit.

The federal government resorts to borrowing to cover the gap between the expenses and revenue collected.

3. When the federal government's collection of tax revenues is less than what it spends in a given year, it results in a: a. Federal Reserve allowance b. GDP deflator C. Balance of paymerits deficit d. National deficit

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3. When the federal government's collection of tax revenues is less than what it spends in a
given year, it results in a:
a. Federal Reserve allowance
b. GDP deflator
C. Balance of paymerits deficit
d. National deficit