Federal Government's Budget Plan for Fiscal Year ($billion) REVENUES OUTLAYS Personal income taxes $100 Transfers to persons $46 Corporate income taxes 34 Spending grants to other levels of government 38 Other income taxes 7 Public debt charges 35 GST and excise taxes 47 Direct program spending 95 EI premiums 14 Total Outlays 214 Other revenues 18 Projected Budget Plan Surplus 6 Total Revenues 220 a. The projected NTR in this budget plan is $ billion. b. The value of NTR less government spending on goods and services (G) is $ billion. Round your answers to 1 decimal place. c. The percentage of total revenue made up by personal income taxes is %. d. The percentage of total revenue made up by corporate income taxes is %. e. The percentage of total outlays made up by transfer payments to persons is %. f. The percentage of total outlays made up by public debt charges is %.
Federal Government's Budget Plan for Fiscal Year ($billion) REVENUES OUTLAYS Personal income taxes $100 Transfers to persons $46 Corporate income taxes 34 Spending grants to other levels of government 38 Other income taxes 7 Public debt charges 35 GST and excise taxes 47 Direct program spending 95 EI premiums 14 Total Outlays 214 Other revenues 18 Projected Budget Plan Surplus 6 Total Revenues 220 a. The projected NTR in this budget plan is $ billion. b. The value of NTR less government spending on goods and services (G) is $ billion. Round your answers to 1 decimal place. c. The percentage of total revenue made up by personal income taxes is %. d. The percentage of total revenue made up by corporate income taxes is %. e. The percentage of total outlays made up by transfer payments to persons is %. f. The percentage of total outlays made up by public debt charges is %.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The table below shows hypothectical figures of revenue and spending for the Canadian government. For simplicity, assume that all of the spending grants to other levels of government were spent in Canada on goods and services.
Federal Government's Budget Plan for Fiscal Year ($billion) | ||||
REVENUES | OUTLAYS | |||
Personal income taxes | $100 | Transfers to persons | $46 | |
Corporate income taxes | 34 | Spending grants to other levels of government | 38 | |
Other income taxes | 7 | Public debt charges | 35 | |
GST and excise taxes | 47 | Direct program spending | 95 | |
EI premiums | 14 | Total Outlays | 214 | |
Other revenues | 18 | Projected Budget Plan Surplus | 6 | |
Total Revenues | 220 |
a. The projected NTR in this budget plan is $ billion.
b. The value of NTR less government spending on goods and services (G) is $ billion.
Round your answers to 1 decimal place.
c. The percentage of total revenue made up by personal income taxes is %.
d. The percentage of total revenue made up by corporate income taxes is %.
e. The percentage of total outlays made up by transfer payments to persons is %.
f. The percentage of total outlays made up by public debt charges is %.
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