tax revenues are greater than its expenditures savings rate is higher than its borrowing rate purchase of Treasury securities is more than sale of Treasury securities cash reserves are higher than its expenses Question 53 0/1 pts The value of an asset is determined by discounting the future cash flows generated by the asset using the: tax rate. interest rate inflation rate. Incorrect. The cost of money is used as the discounting factor. See 5-5: Interest Rate Levels and Stock Prices deficit rate. surplus rate