Computing Surpluses, Deficits, and the Debt
The following data is from the government of Kraslava. Complete the following exercises. (Note: All data is in billions of dollars.)
egin{tabular}{|c|c|c|c|}
hline Year & Tax revenue ( ( oldsymbol{T} ) ) & egin{tabular}{c}
Government spending on \
goods & services (G)
end{tabular} & Transfer payments (TR) \
hline 2018 & ( $ 2,000 ) & ( $ 1,200 ) & ( $ 600 ) \
hline 2019 & 1,600 & 1,500 & 900 \
hline 2020 & 1,700 & 1,400 & 700 \
hline 2021 & 2,200 & 1,000 & 500 \
hline 2022 & 2,400 & 1,600 & 800 \
hline
end{tabular}
1. Determine the value of the budget balance and indicate whether there is a government surplus, deficit, or balance for each year. Show your work.
egin{tabular}{|c|c|c|}
hline Year & egin{tabular}{c}
S ( _{ ext {Government }} ) \
(billions)
end{tabular} & egin{tabular}{c}
Status of \
government budget
end{tabular} \
hline 2018 & & \
hline 2019 & & \
hline 2020 & & \
hline 2021 & & \
hline 2022 & & \
hline
end{tabular}
