Suppose that in 2016 the federal government spent $730 billion and collected $480 billion in taxes...
Suppose that in 2016 the federal government spent $730 billion and collected $480 billion in taxes while in 2017, government spending fell to $680 billion and government revenue increased to $780 billion. If the government debt was $5 trillion at the beginning of 2016, what will it be at the end of 2017?
Select one:
a. $5.35 trillion
b. $5.25 trillion
c. $5.15 trillion
d. $4.85 trillion
e. $4.75 trillion
Homework Answers
In year 2016 Expenditure = $ 730 billion
Revenue = $ 480 billion
Deficit of 2016 = $ 730 - 480 = $ 250 billion
Debt at the beginning of 2016 = $ 5 trillion
Debt at the end of 2016 = $ 5.25 trillion
In 2017 surplus = $ 780 bn - $ 680 bn = $ 100 billion
Debt at the end of 2017 = $ 5.25 trillion - $ 0.1 trillion
= $ 5.15 trillion
Option C. $ 5.15 trillion
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