The following table shows government spending and tax revenue for hypothetical economy over a fiv… 1 answer below »

Extra Credit (5 Points Each) 1.The following table shows government spending and <a href=tax revenue for hypothetical economy over a five-year period. All figures are in billions. Year Government Spending Tax Revenues 800 $825 850 850 900 875 950 1000 925 (a) In what years were there budget deficits and what were the amounts? (b) In what year was there a budget surplus and what was the amount? (c) What is the public debt in this economy over the five years? be the (d) If the size of the economy (GDP) was $4000 billion, what would debt as a percentage of GDP? “>

The following table shows government spending and tax revenue for hypothetical economy over a five-year period. All figures are in billions. (a) In what years were there budget deficits and what were the amounts? (b) In what year was there a budget surplus and what was the amount? (c) What is the public debt in this economy over the five years? (d) If the size of the economy (GDP) was $4000 billion, what would be the debt as a percentage of GDP?

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