Year Government outlays (trillions of 2009 dollars) Tax revenue (trillions of 2009 dollars) 2012 0.75 0.80...
|
Year |
Government outlays (trillions of 2009 dollars) |
Tax revenue (trillions of 2009 dollars) |
|
2012 |
0.75 |
0.80 |
|
2013 |
0.80 |
0.83 |
|
2014 |
0.87 |
0.86 |
|
2015 |
0.95 |
0.95 |
|
2016 |
1.06 |
1.02 |
The table above gives a nation's government outlays and tax revenues for 2012 through 2016.
During which years did the country have a budget surplus?
A.
2012 and 2013
B.
2016 only
C.
2015 only
D.
2014 and 2016
E.
all except 2015
Homework Answers
Answer
The correct answer is (A) 2012 and 2013
Government will have a budget surplus when there saving is positive i.e. greater than 0 and as there Saving = Tax revenue - Government outlays. This implies that government will have a budget surplus when :
Public saving = Tax revenue - Government outlays > 0 i.e. Tax revenue > Government outlays
We can see from above table that Tax Revenue > Government outlays for the years 2012 and 2013 only.
Thus, the country had a budget surplus in the year 2012 and 2013 only.
Hence, the correct answer is (A) 2012 and 2013
Add Answer to:
Year
Government outlays
(trillions of 2009 dollars)
Tax revenue
(trillions of 2009 dollars)
2012
0.75
0.80...
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