Macroeconomics 1st Edition by Dean Karlan,Jonathan Morduch

Exercise 6

Econo Nation started 2008 with no national budget debt or surplus. By the end of 2008, it had a budget surplus of $304 million; in 2009, it had a budget deficit of $452 million; in 2010 it had a budget surplus of $109 million, and the amount of its budget deficit or surplus in 2011 is unknown. If at the end of 2011 Econo Nation's national debt totaled $50 million, did it run a deficit or surplus in 2011? How much?