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Using the data above, indicate whether the government is in surplus or deficit for the following years. Surplus or Deficit Year 1948 1956 1964 1972 1980 In 1964, the national debt by 3. Budget balances and the national debt The following table lists federal outlays, revenues, and GDP for the U.S. economy during several years. Year Revenues (Billions of dollars) Outlays (Billions of dollars) GDP (Billions of dollars) 1948 41.6 29.8 269.2 1956 74.6 70.6 437.5 1964 112.6 118.5 663.6 1972 207.3 230.7 1,238.3 1980 517.1 590.9 2,789.5 Plot the data for revenues and outlays as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for outlays and the green points (triangle symbol) for revenues. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 25 20 20 15 FEDERAL OUTLAYS AND REVENUES (Percent of GDP) 10 5 ° ? Outlays ❖ ༥– Revenues 1940 1948 1956 1964 1972 1980 YEAR

Using the data above, indicate whether the government is in surplus or deficit for the following years. Surplus or Deficit Year 1948 1956 1964 1972 1980 In 1964, the national debt by 3. Budget balances and the national debt The following table lists federal outlays, revenues, and GDP for the U.S. economy during several years. Year Revenues (Billions of dollars) Outlays (Billions of dollars) GDP (Billions of dollars) 1948 41.6 29.8 269.2 1956 74.6 70.6 437.5 1964 112.6 118.5 663.6 1972 207.3 230.7 1,238.3 1980 517.1 590.9 2,789.5 Plot the data for revenues and outlays as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for outlays and the green points (triangle symbol) for revenues. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 25 20 20 15 FEDERAL OUTLAYS AND REVENUES (Percent of GDP) 10 5 ° ? Outlays ❖ ༥– Revenues 1940 1948 1956 1964 1972 1980 YEAR

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Using the data above, indicate whether the government is in surplus or deficit for the following years. Surplus or Deficit Year 1948 1956 1964 1972 1980 In 1964, the national debt by
Transcribed Image Text:Using the data above, indicate whether the government is in surplus or deficit for the following years. Surplus or Deficit Year 1948 1956 1964 1972 1980 In 1964, the national debt by
3. Budget balances and the national debt The following table lists federal outlays, revenues, and GDP for the U.S. economy during several years. Year Revenues (Billions of dollars) Outlays (Billions of dollars) GDP (Billions of dollars) 1948 41.6 29.8 269.2 1956 74.6 70.6 437.5 1964 112.6 118.5 663.6 1972 207.3 230.7 1,238.3 1980 517.1 590.9 2,789.5 Plot the data for revenues and outlays as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for outlays and the green points (triangle symbol) for revenues. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 25 20 20 15 FEDERAL OUTLAYS AND REVENUES (Percent of GDP) 10 5 ° ? Outlays ❖ ༥– Revenues 1940 1948 1956 1964 1972 1980 YEAR
Transcribed Image Text:3. Budget balances and the national debt The following table lists federal outlays, revenues, and GDP for the U.S. economy during several years. Year Revenues (Billions of dollars) Outlays (Billions of dollars) GDP (Billions of dollars) 1948 41.6 29.8 269.2 1956 74.6 70.6 437.5 1964 112.6 118.5 663.6 1972 207.3 230.7 1,238.3 1980 517.1 590.9 2,789.5 Plot the data for revenues and outlays as a percentage of GDP on the following graph, rounded to the nearest percent. Use the purple points (diamond symbol) for outlays and the green points (triangle symbol) for revenues. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 25 20 20 15 FEDERAL OUTLAYS AND REVENUES (Percent of GDP) 10 5 ° ? Outlays ❖ ༥– Revenues 1940 1948 1956 1964 1972 1980 YEAR
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