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

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Answer: Occurs when tax revenues exceed government expenditures.

Explanation:

A Budget surplus for an entity happens when the revenue it gets exceeds the expenditure it incurs.

This is the same for the Federal Government. Their revenue source is Tax revenue so when the money they get from Taxes are more than the amount they will have to spend, the result is a Budget surplus.

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