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Question: The following table shows government spending and tax revenue for hypothetical economy over a fiv...

Show transcribed image text The following table shows government spending and tax revenue for hypothetical economy over a five-year period. All figures are in billions. (a) In what years were there budget deficits and what were the amounts? (b) In what year was there a budget surplus and what was the amount? (c) What is the public debt in this economy over the five years? (d) If the size of the economy (GDP) was $4000 billion, what would be the debt as a percentage of GDP?

The following table shows government spending and tax revenue for hypothetical economy over a five-year period. All figures are in billions. (a) In what years were there budget deficits and what were the amounts? (b) In what year was there a budget surplus and what was the amount? (c) What is the public debt in this economy over the five years? (d) If the size of the economy (GDP) was $4000 billion, what would be the debt as a percentage of GDP?