Question

5) In the table below are the Canadian federal budget surplus/deficit for each year as indicated. The total federal debt at the end of 2014 was approximately $626,000,000,000. i) Calculate the debt at the end of each year and enter it in the corresponding debt cell (minus all the zeros). (4+2+2 marks) 2014 Year +Surplus/- deficit 2015 - 2.9 bil 2016 - 5.5 bil 2017 - 17.1 bil 2018 - 19.7 bil $626 bil Federal Gov't Debt * numbers are rounded If the labour force at the end of 2018 was 19,933,500, ii) how much does each person in the labour force owe of the federal debt? And iii) how much debt did the federal government add per person in the labour force in 2018 alone? ii) $_ iii) $ 2 Page Macroeconomics 1200 Durham College David Stapley

Answer 1

Answer:

Debt for Nth Year= Debt of (N-1)th Year - Deficit/Surplus

	2014	2015	2016	2017	2018
surplu/Deficit		-2.9	-5.5	-17.1	-19.7
Debt	626	628.9	634.4	651.5	671.2

Given Population in 2018 P=19933500

1)

Per person federal debt in 2018 = Debt in 2018/P=671.2 biilion/19933500=$33671.96

2)

In 2018 debt added per person = 19.7 billion/19933500=988.29