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

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Chapter11: Fiscal Policy
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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.
Revenues
Year (Billions of dollars)
1929
3.9
1948
1967
1986
2005
FEDERAL EXPENDITURES AND RE VENUES (Percent of GDP)
25
20
15
10
41.6
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.
1929
148.8
769.2
2,153.9
Expenditures
GDP
(Billions of dollars) (Billions of dollars)
3.1
103.6
1948
29.8
157.5
990.4
2,472.2
1987
YEAR
1986
269.2
2005
832.6
4,462.8
12,421.9
Expenditures
Δ
Revenues
?
Transcribed Image Text: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. Revenues Year (Billions of dollars) 1929 3.9 1948 1967 1986 2005 FEDERAL EXPENDITURES AND RE VENUES (Percent of GDP) 25 20 15 10 41.6 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. 1929 148.8 769.2 2,153.9 Expenditures GDP (Billions of dollars) (Billions of dollars) 3.1 103.6 1948 29.8 157.5 990.4 2,472.2 1987 YEAR 1986 269.2 2005 832.6 4,462.8 12,421.9 Expenditures Δ Revenues ?
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)
25
20
15
10
1929
1929
1948
1967
1986
1948
2005
In which years was the government's budget in deficit? Check all that apply.
1967
YEAR
In 1967, the national debt
increased
decreased
1988
by
2005
Expenditures
A
Revenues
?
Transcribed Image Text: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) 25 20 15 10 1929 1929 1948 1967 1986 1948 2005 In which years was the government's budget in deficit? Check all that apply. 1967 YEAR In 1967, the national debt increased decreased 1988 by 2005 Expenditures A Revenues ?
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