Spending (billions of Year dollars) 1 $700 The table below presents the tax revenue and spending for the government over five years. Government Revenue and Spending Tax Revenue (billions of dollars) $700 Budget Amount (billions of dollars) Budget $ 0 Balanced v 2 200 100 100 Surplus v 3 500 800 300 Deficit 4 700 600 100 Surplus 5 500 500 O Balanced Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. a. Under the "Budget Amount" column calculate the annual budget outcome. b. Under the "Budget" column determine whether the annual budget outcome is a budget surplus, budget deficit, or a balanced budget. c. Suppose the government has no debt entering into year 1. At the end of year 5, what is the government's level of debt? Enter your answer as a positive value. $ 100 billion
Spending (billions of Year dollars) 1 $700 The table below presents the tax revenue and spending for the government over five years. Government Revenue and Spending Tax Revenue (billions of dollars) $700 Budget Amount (billions of dollars) Budget $ 0 Balanced v 2 200 100 100 Surplus v 3 500 800 300 Deficit 4 700 600 100 Surplus 5 500 500 O Balanced Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. a. Under the "Budget Amount" column calculate the annual budget outcome. b. Under the "Budget" column determine whether the annual budget outcome is a budget surplus, budget deficit, or a balanced budget. c. Suppose the government has no debt entering into year 1. At the end of year 5, what is the government's level of debt? Enter your answer as a positive value. $ 100 billion
Chapter1: Making Economics Decisions
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Transcribed Image Text:Spending
(billions of
Year
dollars)
1
$700
The table below presents the tax revenue and spending for the government over five years.
Government Revenue and Spending
Tax Revenue
(billions of
dollars)
$700
Budget Amount
(billions of
dollars)
Budget
$
0
Balanced
v
2
200
100
100
Surplus
v
3
500
800
300
Deficit
4
700
600
100
Surplus
5
500
500
O
Balanced
Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign.
a. Under the "Budget Amount" column calculate the annual budget outcome.
b. Under the "Budget" column determine whether the annual budget outcome is a budget surplus, budget deficit, or a balanced
budget.
c. Suppose the government has no debt entering into year 1. At the end of year 5, what is the government's level of debt? Enter your
answer as a positive value.
$
100 billion
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