To calculate: The magnitude of surplus or deficit for the year 2014 provided the Expenditure is
Answer to Problem 52E
For the year 2014, the Receipt is
Explanation of Solution
Given information:
The graph provided below depicts the Receipt of federal government for different years.
Expenditure for the year 2014is
Formula used:
The magnitude of surplus or deficit is
Calculation:
Consider the graph provided below that depicts the Receipt of federal government for different years.
Observe that for the year 2014, the Receipt is
The magnitude of surplus or deficit is
It is provided that Expenditure for the year 2014is
Observe that for the year 2014, Receipt is less than Expenditure since,
When Receipt is more than the Expenditure it is called surplus.
When Receipt is less than the Expenditure it is called deficit.
Therefore, the magnitude of deficit is,
Thus, for the year 2014, the Receipt is
Chapter A Solutions
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