Afederal budget surplus occurs when monetary policy works in the opposite direction of fiscal policy. occurs when tax revenues exceed government expenditures. occurs when tax revenues exceed transfer payments. is an impossibility. occurs when government expenditures exceed tax revenues.

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Lincoln company has an accounting policy for internal reporting purposes whereby the costs of any research and development projects that are over 70 percent likely to succeed are capitalized and then depreciated over a five-year period with a full year of depreciation in the year of capitalization. in the current year, $400,000 was spent on project one, and it was 55 percent likely to succeed, $600,000 was spent on project two, and it was 65 percent likely to succeed, and $900,000 was spent on project three, and it was 75 percent likely to succeed. in converting the internal financial statements to external financial statements, by how much will net income for the current year have to be reduced? a. $180,000b. $380,000c. $720,000d. $900,000

Adds up the money earned by producers plus taxes paid to the goverment. a) income approach b) product approach c) expenditure approach