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kirstykirst kirstykirst
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A year ago
Surpluses, Deficits and Calculation the Budget Balance

Suppose the federal budget surplus for the year was $110 billion and the economy was in a a expansion. If the economy had been at potential GDP, it is estimated that tax revenues would have been $65 billion lower and government spending on transfer payments would have been $85 billion higher. Based on these estimates, the cyclically adjusted budget ________.

▸ deficit was $40 billion

▸ surplus was $150 billion

▸ deficit was $20 billion

▸ surplus was $90 billion
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
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jennaforierojennaforiero
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A year ago
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