A government starts off with a total debt of
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- Is expansionary fiscal policy more attractive to politicians who believe in larger government or to politicians who believe in smaller government? Explain your answer.arrow_forwardIf a government runs a budget deficit of $10billion dollars each year for ten years, then a surplus of $1 billion for five years, and then a balanced budget for another ten years, what is the government debt?arrow_forwardAt the end of 2019, a country's national debt was $ 200 billion. In 2020, the government spent $ 120 billion and ended the year with a debt of $ 230 billion. How much did the government receive in tax revenues in 2020? The government received $ _____ billion in tax revenues in 2020.arrow_forward
- Suppose that in 2016 the federal government spent $680 billion and collected $480 billion in taxes. In 2017, government spending fell to $640 billion and government revenue increased to $540 billion. If the government debt was $15 trillion at the beginning of 2016, what will it be at the end of 2017?arrow_forwardAssume that the total federal debt is equal to $3 trillion. Suppose now that the government runs a deficit of $300 billion. What is the new level of total debt?arrow_forward
- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStaxExploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc