Asked by Tracy
2. Suppose the national debt is $80 trillion and the government spends $800 billion during the fiscal year on goods and services. In addition, the government collects tax revenues of $600 billion and makes transfer payments equal to $300 billion. Assume the economy is producing at the potential or full employment output level. The budget balance for this economy is equal to $________ billion and the national debt is $ _________ trillion.
600-800-300=-500 Billion this is the budget balance, I can't figure out how to get the national debt. I thought it was 80 trillion but it is not, please help!
600-800-300=-500 Billion this is the budget balance, I can't figure out how to get the national debt. I thought it was 80 trillion but it is not, please help!
Answers
There are no human answers yet.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.