Consider the following chart to answer the following questions: Use the Government Budget Equation 2019 Spending...

  

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Consider the following chart to answer the following questions: Use the Government Budget Equation 2019 Spending and Tax Revenue: GOVT: Spending Category Education Spending Welfare and Social Security Health Care Defense Payments on Debt Other Value in Millions $320M $890M $270M $120M $170M $240M Revenue Category Value in (Millions) Income Tax Revenue $800M Sales Tax Revenue $270M Corporate Tax Revenue Social Insurance $300M $340M 1) Determine if this country is running a budget deficit or surplus: 2) How much money (in millions) did the country need to borrow in 2019 to finance its government spending? 3) Use the following information to answer the following question: GDP in 2019 was $7.3 Billion & Total Debt as of 2018 was $3.5 billion. At the end of 2019 what was debt to GDP ratio? (Note: make sure to include the amount borrow also) Consider the following chart to answer the following questions: Use the Government Budget Equation 2019 Spending and Tax Revenue: GOVT: Spending Category Education Spending Welfare and Social Security Health Care Defense Payments on Debt Other Value in Millions $320M $890M $270M $120M $170M $240M Revenue Category Value in (Millions) Income Tax Revenue $800M Sales Tax Revenue $270M Corporate Tax Revenue Social Insurance $300M $340M 1) Determine if this country is running a budget deficit or surplus: 2) How much money (in millions) did the country need to borrow in 2019 to finance its government spending? 3) Use the following information to answer the following question: GDP in 2019 was $7.3 Billion & Total Debt as of 2018 was $3.5 billion. At the end of 2019 what was debt to GDP ratio? (Note: make sure to include the amount borrow also)