3. Budget balances and the national debt The following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years. All numbers are in billions of dollars. Year 1929 1948 1967 1986 2005 Revenues (Billions of dollars) 3.9 41.6 148.8 769.2 2,153.9 Expenditures (Billions of dollars) 3.1 29.8 157.5 990.4 2,472.2 GDP (Billions of dollars) 103.6 269.2 832.6 4,462.8 12,421.9 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the orange points (square symbol) for expenditures and the green points (triangle symbol) for revenues. Line segments will automatically connect the points.

3. Budget balances and the national debt The following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years. All numbers are in billions of dollars. Year 1929 1948 1967 1986 2005 Revenues (Billions of dollars) 3.9 41.6 148.8 769.2 2,153.9 Expenditures (Billions of dollars) 3.1 29.8 157.5 990.4 2,472.2 GDP (Billions of dollars) 103.6 269.2 832.6 4,462.8 12,421.9 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the orange points (square symbol) for expenditures and the green points (triangle symbol) for revenues. Line segments will automatically connect the points.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter17: Federal Deficits, Surpluses, And The National Debt

Section: Chapter Questions

Problem 7SQP

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Similar questions

A government starts off with a total debt of $3.5 billion. In year one, the government runs a deficit of 400 million. In year two, the government runs a deficit of 1 billion. In year three, the government runs a surplus of 200 million. What is the total debt of the government at the end of year three?
Why is spending by the U.S. government on scientific research at NASA fiscal policy while spending by the University of Illinois is not fiscal policy? Why is a cut in the payroll tax fiscal policy whereas a cut in a state income tax is not fiscal policy?
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The U.S. government has shut down a number of times In recent history Explain how a government shutdown will affect the variables In the national Investment and savings identity Could the shutdown affect the government budget deficit?
Have the spending and taxes of the U.S. federal government generally had an upward or a downward trend in the last few decades?