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Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026 Exercise 7
In the following table, the middle column shows the actual federal budget surplus or deficit for a given fiscal year. The last column shows gross domestic product for that fiscal year.
a) For each year, calculate the surplus or deficit as a percentage of GDP.
b) In which year was the deficit the biggest as a percentage of GDP?
c) In which year did the deficit as a percentage of GDP rise the most over the year before?
a) For each year, calculate the surplus or deficit as a percentage of GDP.
b) In which year was the deficit the biggest as a percentage of GDP?
c) In which year did the deficit as a percentage of GDP rise the most over the year before?
Explanation
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Surplus or deficit in a budget is the ex...
Economics: The Basics 1st Edition by Mike Mandel
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