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.RevenuesYear (Billions of dollars)19293.91948196719862005FEDERAL EXPENDITURES AND RE VENUES (Percent of GDP)2520151041.6Plot 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.1929148.8769.22,153.9ExpendituresGDP(Billions of dollars) (Billions of dollars)3.1103.6194829.8157.5990.42,472.21987YEAR1986269.22005832.64,462.812,421.9ExpendituresΔRevenues? 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.FEDERAL EXPENDITURES AND RE VENUES (Percent of GDP)252015101929192919481967198619482005In which years was the government's budget in deficit? Check all that apply.1967YEARIn 1967, the national debtincreaseddecreased1988by2005ExpendituresARevenues?

Budget balances in macroeconomics refer to the difference between a government's total revenue and…

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 Expenditures GDP (Billions of dollars) (Billions of dollars) (Billions of dollars) 3.9 3.1 103.6 269.2 832.6 41.6 148.8 769.2 2,153.9 29.8 157.5 990.4 2,472.2 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

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 Expenditures GDP (Billions of dollars) (Billions of dollars) (Billions of dollars) 3.9 3.1 103.6 269.2 832.6 41.6 148.8 769.2 2,153.9 29.8 157.5 990.4 2,472.2 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

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter11: Fiscal Policy

Section: Chapter Questions

Problem 19E

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Similar questions

Why is government spending typically measured as a percentage of GDP rather than in nominal dollars?
What are the main categories of U.S. federal government spending?
Have spending and taxes by state and local governments In the United States had a generally upward or downward trend in the last few decades?
Have the spending and taxes of the U.S. federal government generally had an upward or a downward trend in the last few decades?
Give some examples of changes in federal spending and taxes by the government that would be fiscal policy and some that would not.
What is the main reason for employing contractionary fiscal policy in a time of strong economic growth?
What is the main reason for employing expansionary fiscal policy during a recession?
Why is spending by the U.S. government on scientific research at NASA fiscal policy while spending by the University of Illinois is not fiscal policy? Why is a cut in the payroll tax fiscal policy whereas a cut in a state income tax is not fiscal policy?
Debt has a certain self-reinforcing quality to it. There is one category of government spending that automatically Increases along with the federal debt. What Is It?
If a government runs a budget deficit of 10 billion dollars each year for ten years, then a surplus of 1 billion for five years, and then a balanced budget for another ten years, what is the government debt?
A government starts off with a total debt of $3.5 billion. In year one, the government runs a deficit of 400 million. In year two, the government runs a deficit of 1 billion. In year three, the government runs a surplus of 200 million. What is the total debt of the government at the end of year three?
What are some of the arguments for and against a requirement that the federal government budget be balanced every year?