Need help with this. Please show how to do the graph also. Thank you ! **Educational Content:**The image displays a bar graph illustrating "Federal Expenditures and Revenues as Percent of GDP" over selected years: 1929, 1948, 1967, 1986, and 2005. It includes two categories:- **Expenditures** (represented by orange squares)- **Revenues** (represented by green triangles)**Graph Explanation:**The graph is structured on an XY-axis:- The X-axis represents the **Year**.- The Y-axis shows **Federal Expenditures and Revenues as a Percent of GDP**, ranging from 0 to 25 percent.The position of the colored markers (squares and triangles) along the Y-axis indicates the percentage of GDP for expenditures and revenues in each respective year.**Question:**"In which years was the government’s budget in deficit? Check all that apply."Options:- 1929- 1948- 1967- 1986- 2005**Fill in the Blank:**"In 1948, the national debt __________ by ____________."Options:- increased/decreased- 11.8/29.8/41.6 billion $---This content helps students or learners visually analyze differences in federal expenditures and revenues over time and understand budget deficits in historical context. ### 3. Budget Balances and the National DebtThe following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years. All numbers are in billions of dollars.| Year | Revenues (Billions of dollars) | Expenditures (Billions of dollars) | GDP (Billions of dollars) ||-------|--------------------------------|-----------------------------------|---------------------------|| 1929 | 3.9 | 3.1 | 103.6 || 1948 | 41.6 | 29.8 | 269.2 || 1967 | 148.8 | 157.5 | 832.6 || 1986 | 769.2 | 990.4 | 4,462.8 || 2005 | 2,153.9 | 2,472.2 | 12,421.9 |Plot the data for revenues and expenditures **as a percentage of GDP** on the following graph, rounded to the nearest percent. Use the orange points (square symbol) for expenditures and the green points (triangle symbol) for revenues. Line segments will automatically connect the points.

Total tax revenue as a percentage of GDP serves as a proxy for the amount of output that is taxed by the government. It can be used to determine how much of the economy is managed by the government in terms of resources. Government spending as a percentage of GDP outlines how much of the output has been contributed by government expenditures. It is used to analyze where exactly the government stands as far as spending in the economy is concerned. Tax revenue and government spending are related in the sense that spending can only be financed from the revenues earned by the government. So, in order to spend more, the government should also have a higher base of revenue.3) Revenues as a percentage of GDP = Tax revenuesGDP×100%and Expenditures as a percentage of GDP = ExpendituresGDP×100% Both rounded-off revenue as a percent of the GDP and expenditures as a percent of GDP have been presented in the graph below: The government ran into a deficit in those years where the revenues earned by the government was less than the expenditures incurred by the government. From the table, it is visibly evident that in the years 1967, 1986 and 2005, the government had an expenditure that exceeded the revenues. Hence, in this three years (1967,1986 and 2005) the government's budget was in a deficit. In 1948, national debt = Revenues earned in 1948 - Expenditures incurred in 1948 = $41.6-29.8 billion =$11.8 billion Thus, in 1948, the national debt decreased by $11.8 billion.Tax revenues as a percentage of GDP and expenditures as a percentage of GDP are both important indicators of economic health. Here, the revenues-to-GDP ratio is seen increasing till 1967, and thereafter, it remains more or less stable. The expenditure-to-GDP ratio has increased steadily except for 2005 when it witnessed a decline. Both the rounded-off revenues-to-GDP ratio and expenditure-to-GDP ratio have been presented in the diagram. The government's budget was in a deficit in the years 1967, 1986, and 2005 when it countered a higher expenditure than revenues. In 1948, the deficit of the government was $11.8 billion, so, the national debt for that year decreased by $11.8 billion.

Business

Economics

3. Budget balances and the national debt The following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years. All numbers are in billions of dollars. Year 1929 1948 1967 1986 2005 Revenues (Billions of dollars) 3.9 41.6 148.8 769.2 2,153.9 Expenditures (Billions of dollars) 3.1 29.8 157.5 990.4 2,472.2 GDP (Billions of dollars) 103.6 269.2 832.6 4,462.8 12,421.9 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the orange points (square symbol) for expenditures and the green points (triangle symbol) for revenues. Line segments will automatically connect the points.

3. Budget balances and the national debt The following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years. All numbers are in billions of dollars. Year 1929 1948 1967 1986 2005 Revenues (Billions of dollars) 3.9 41.6 148.8 769.2 2,153.9 Expenditures (Billions of dollars) 3.1 29.8 157.5 990.4 2,472.2 GDP (Billions of dollars) 103.6 269.2 832.6 4,462.8 12,421.9 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the orange points (square symbol) for expenditures and the green points (triangle symbol) for revenues. Line segments will automatically connect the points.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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