Question

The following table shows the composition of US federal expenditures in 1997, 2001, 2007, and 2011.
From 1997 to 2001, GDP went from $ 8.3324 trillion to $ 10.2862 trillion, the GDP price deflator (used to calculate inflation) went from 84.628 to 90.727, and the population went from 272.958 million to 285.225 million. From 2007 to 2011, GDP went from $ 14.028 trillion to $ 15.094 trillion, the GDP price deflator went from 106.231 to 113.338, and the population went from 301.696 million to 312.040 million.
a. For the years 1997 to 2001 and 2007 to 2011, calculate the absolute change in federal expenditures, the change in federal expenditures in real (i. e., inflation- adjusted) terms, the change in real government expenditures per capita, and the change in expenditures per GDP.
b. Which components of the budget had the largest relative increases from 1997 to 2001 and from 2007 to 2011? Which had the largest relative decreases?


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  • CreatedMarch 25, 2015
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