The table below presents the tax revenue and government expenditures for a feder

Question

The table below presents the tax revenue and government expenditures for a federal government. Federal Government's Revenue and Expenditures Tax Revenue (billions of dollars) Government Expenditures (billions of dollars) Income tax revenue Payroll tax revenue Excise tax revenue 170 50 45 National defense Transfer payment:s Interest on debt Purchases of goods and 65 70 40 115 services Total Total a. Complete the table above by calculating the total revenue and total expenditures for the federal government. b. Does the federal government have a budget surplus, a budget deficit, or a balanced budget? (Click to select)

Explanation / Answer

a) Total Revenue = $265 billions.

Total Expenditures = $290 billions.

b) federal government has a budget deficit .

Budget surplus = total revenues - total expenditures.

budget surplus = 265 - 290

= - $25 billions

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