If the federal government spends 12% of GDP and collects revenues of 10% of GDP, what is the deficit as a percentage of GDP? A. 2% B. 1% C. 11% D. 12%
If the federal government spends 12% of GDP and collects revenues of 10% of GDP, what is the deficit as a percentage of GDP? A. 2% B. 1% C. 11% D. 12%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:If the federal government spends 12% of GDP and
collects revenues of 10% of GDP, what is the deficit as
a percentage of GDP?
A. 2%
B. 1%
C. 11%
D. 12%
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