|
Year
|
Government outlays (trillions of 2005
dollars)
|
Tax receipts (trillions of 2005
dollars)
|
|
2007
|
0.75
|
0.80
|
|
2008
|
0.80
|
0.83
|
|
2009
|
0.87
|
0.86
|
|
2010
|
0.95
|
0.95
|
|
2011
|
1.06
|
1.02
|
The above
table gives a country's government outlays and tax receipts for 2007 through
2011. During which years did the country have a balanced budget, budget
surplus, and budget deficit?
#Parkin
#11edition #FiscalPolicy #Chapter30
Fiscal Policy
Answer:
ReplyDeleteThe country had a balanced budget in 2010 because in that year government outlays equaled tax receipts.
The country had a budget surplus in 2007 and 2008 because in those years tax receipts exceeded government outlays.
The country had a budget deficit in 2009 and 2011 because in those years government outlays exceeded tax receipts.