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The following table lists federal outlays, revenues, and GDP for the US economy in several years. All numbers are in billions of dollars Year Revenues Outlays GDP 1948 41.6 29.8 269.2 1956 74.6 70.6 437.5 1964 112.6 118.5 663.6 1972 107.3 230.7 1,238.3 1980 517.1 590.9 2.789.5 1) In which years was the government's budget in deficit? a) 1956 b) 1972. c) 1964. d) 1980. 2) In 1964, did the national debt increase or decrease? By.how.much? a) 145 billion. b).5.9 billion. c) 231 billion. In what ways do future generations benefit from this generation's deficit spending? Cite three examples

The following table lists federal outlays, revenues, and GDP for the US economy in several years. All numbers are in billions of dollars Year Revenues Outlays GDP 1948 41.6 29.8 269.2 1956 74.6 70.6 437.5 1964 112.6 118.5 663.6 1972 107.3 230.7 1,238.3 1980 517.1 590.9 2.789.5 1) In which years was the government's budget in deficit? a) 1956 b) 1972. c) 1964. d) 1980. 2) In 1964, did the national debt increase or decrease? By.how.much? a) 145 billion. b).5.9 billion. c) 231 billion. In what ways do future generations benefit from this generation's deficit spending? Cite three examples

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following table lists federal outlays, revenues, and GDP for the US economy in several years. All numbers are in billions of dollars Year Revenues Outlays GDP 1948 41.6 29.8 269.2 1956 74.6 70.6 437.5 1964 112.6 118.5 663.6 1972 107.3 230.7 1,238.3 1980 517.1 590.9 2.789.5 1) In which years was the government's budget in deficit? a) 1956 b) 1972. c) 1964. d) 1980. 2) In 1964, did the national debt increase or decrease? By.how.much? a) 145 billion. b).5.9 billion. c) 231 billion. In what ways do future generations benefit from this generation's deficit spending? Cite three examples
Transcribed Image Text:The following table lists federal outlays, revenues, and GDP for the US economy in several years. All numbers are in billions of dollars Year Revenues Outlays GDP 1948 41.6 29.8 269.2 1956 74.6 70.6 437.5 1964 112.6 118.5 663.6 1972 107.3 230.7 1,238.3 1980 517.1 590.9 2.789.5 1) In which years was the government's budget in deficit? a) 1956 b) 1972. c) 1964. d) 1980. 2) In 1964, did the national debt increase or decrease? By.how.much? a) 145 billion. b).5.9 billion. c) 231 billion. In what ways do future generations benefit from this generation's deficit spending? Cite three examples
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