Use the following information to answer questions 1 and 2 Assume the national debt equals $0 prior to Year 1. Government Spending Transfer Payments Tax Revenue Year 1 $500 $200 $900 Year 2 $600 $200 $800 Year 3 $600 $300 $800 Year 4 $700 $300 $900 Year 5 $700 $400 $1000
Use the following information to answer questions 1 and 2
Assume the national debt equals $0 prior to Year 1.
Government Spending Transfer Payments Tax Revenue
Year 1 $500 $200 $900
Year 2 $600 $200 $800
Year 3 $600 $300 $800
Year 4 $700 $300 $900
Year 5 $700 $400 $1000
Year 6 $800 $400 $1000
Year 7 $800 $500 $1000
- What is the federal budget position in year 5?
- What is the value of the national debt at the end of year 7?
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