National Public Debt Exercise 2
The table below presents the tax revenue and government expenditures for a country.
Federal Tax Revenue and Government Expenditures
Tax Revenue (billions of dollars) Government Expenditures (billions of dollars)
Income tax revenue $1,200 National defense $640
Payroll tax revenue 600 Transfer payments 800
Excise tax revenue 90 Interest on debt 80
Purchases of goods and services 900
Total $ Total $
a. Complete the table above by calculating the total tax revenue and total government expenditures for the year.
b. In the current year, the government has a (Click to select) of $ billion.
c. If the government has an accumulated debt of $2,600 billion the year before, what will be its debt at the end of the year?
$ billion.