Consider a Closed Economy (With No Foreign Trade) The Government's Deficit (Surplus) Was
A) €30 Billion Surplus

Multiple Choice

Consider a closed economy (with no foreign trade) . Assuming the economy was in equilibrium, use the following information to determine the government's budget deficit or surplus.
$\begin{array}{ll}\text { Consumption Spending } & € 350 \text { billion } \\\text { Net Taxes } & € 270 \text { billion } \\\text { Household Saving } & € 250 \text { billion } \\\text { Investment Spending } & € 220 \text { billion }\end{array}$
The government's deficit (surplus) was

A) €30 billion surplus.
B) €20 billion surplus.
C) €30 billion deficit.
D) €50 billion deficit.