The above table gives a country's government outlays and tax receipts for 2007 through 2011. Government...

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The above table gives a country's government outlays and tax receipts for 2007 through 2011. Government outlays (trillions dollars) Year 2007 2008 2009 2010 2011 750 800 870 950 1060 Tax receipts (trillions dollars) 800 830 860 950 1020 Identify: i) In which years was there a budget deficit and what are the amount? Support your answer with reason. ii) In which years was there a budget surplus and what are the amount? Give your reason. iii) Analyze the government outlays and tax receipt in this economy over the five (5) year period iv) Distinguish between government outlay and tax receipts. The above table gives a country's government outlays and tax receipts for 2007 through 2011. Government outlays (trillions dollars) Year 2007 2008 2009 2010 2011 750 800 870 950 1060 Tax receipts (trillions dollars) 800 830 860 950 1020 Identify: i) In which years was there a budget deficit and what are the amount? Support your answer with reason. ii) In which years was there a budget surplus and what are the amount? Give your reason. iii) Analyze the government outlays and tax receipt in this economy over the five (5) year period iv) Distinguish between government outlay and tax receipts.

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i In which years was there a budget deficit and what are the amounts Support your answer with reason... View the full answer