3. In FY 2017 (the fiscal year 2017 is from October 1, 2017 to September 30, the U.S. Federal Government had a total revenue of about $3.33 trillion and total expenditures of $4.11 trillion. The GDP for that year was $20.23 trillion. (a) How much was the federal deficit for FY 2017? (b) The national debt as of the end of FY 2016 was $20.245 trillion. Using (a), calculate the national debt as of the end of FY 2017. (c) Find the debt/GDP ratio at the end of FY 2017. (d) Find the deficit/GDP ratio for FY 2017. 4. In FY 1987, the national deficit was $155 billion. By what percentage did the deficit change between 1987 and 2017 (30 years)? Use your answers from the previous exercise.

3. In FY 2017 (the fiscal year 2017 is from October 1, 2017 to September 30, the U.S. Federal Government had a total revenue of about $3.33 trillion and total expenditures of $4.11 trillion. The GDP for that year was $20.23 trillion. (a) How much was the federal deficit for FY 2017? (b) The national debt as of the end of FY 2016 was $20.245 trillion. Using (a), calculate the national debt as of the end of FY 2017. (c) Find the debt/GDP ratio at the end of FY 2017. (d) Find the deficit/GDP ratio for FY 2017. 4. In FY 1987, the national deficit was $155 billion. By what percentage did the deficit change between 1987 and 2017 (30 years)? Use your answers from the previous exercise.

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter12: Federal Budgets And Public Policy

Section: Chapter Questions

Problem 3.8P

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