Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry abou trade with other countries. Total spending for the federal government of Lilliput for the last fiscal year was $24.19 billion. The country collected $22.9 billion in taxes during this same fiscal year. Assume government transfers were zero. Based on this information, what is Lilliput's budget balance? Enter your answer to two decimal places.

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Chapter18: Debates In Macroeconomics Over The Role And Effects Of Government
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20 Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry about
trade with other countries.
Total spending for the federal government of Lilliput for the last fiscal year was $24.19 billion. The country collected $22.9
billion in taxes during this same fiscal year. Assume government transfers were zero.
Based on this information, what is Lilliput's budget balance?
Enter your answer to two decimal places.
budget balance: $
In the last fiscal year, Lilliput was running
a budget surplus
a budget deficit
a balanced budget
billion
Transcribed Image Text:20 Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry about trade with other countries. Total spending for the federal government of Lilliput for the last fiscal year was $24.19 billion. The country collected $22.9 billion in taxes during this same fiscal year. Assume government transfers were zero. Based on this information, what is Lilliput's budget balance? Enter your answer to two decimal places. budget balance: $ In the last fiscal year, Lilliput was running a budget surplus a budget deficit a balanced budget billion
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