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The Following Table Shows Government Spending and Tax Revenue for a Hypothetical

Question 6

Essay

The following table shows government spending and tax revenue for a hypothetical economy over a five-year period.All figures are in billions. The following table shows government spending and tax revenue for a 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? (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?

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(a) There were budget deficits in year 3...

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