A perfectly competitive firm maximizes its profits by producing the amount of output such that

The sum of all budget deficits and surpluses is known as the

A) government expenditure. B) budget balance. C) fiscal year. D) government debt.

If government spending is $6.2 trillion while government revenue is $6.2 trillion, the government is said to have a

A) balanced debt. B) balanced budget. C) budget surplus. D) budget deficit.