Refer to the diagram, in which Tis tax revenues and G is government expenditures Al figures are in billions of dollars t the ul-employment ODP s 1400billion while the actual GDP is $200 bitlion: (Show your calcutations)a. What is the actual budget deficit?b. What is the cyclically adjusted budget deficit?c. The value of cyclically adjusted deficit identifies which type of discretionary fiscal policy? 100T.80G604020O $ 100 200 300 400 500 600 700 800 900GDPトG T.G ($)

Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

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100 T. 80 60 40 20 O $100 200 300 400 500 600 700 800 900 GDP E T.G ($)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Refer to the diagram, in which Tis tax revenues and G is government expenditures Al figures are in billions of dollars t the ul-employment ODP s 1400
billion while the actual GDP is $200 bitlion: (Show your calcutations)
a. What is the actual budget deficit?
b. What is the cyclically adjusted budget deficit?
c. The value of cyclically adjusted deficit identifies which type of discretionary fiscal policy?

100
T.
80
G
60
40
20
O $ 100 200 300 400 500 600 700 800 900
GDP
ト
G T.G ($)

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