1. The tables below show the spending and revenue for Litteland in 2010. Use the

Question

1.

The tables below show the spending and revenue for Litteland in 2010. Use the tables and other information below to answer the questions that follow. This payment covers total interest owing only. How much money (in millions) did Littleland need to borrow in 2010 to finance its government spending? At the end of 2010 what was Littleland's debt to GDP ratio? (give your answer to lhe nearest whole percentage point) GDP in 2010: $7.3 Billion Total debt as of 2009: $3.5 Billion What was Littleland's deficit to GDP ratio in 2010? (give your answer to the nearest whole percentage point)

Explanation / Answer

Amount required for borrowing= $300 million

Deficit to GDP ratio= 0.3/7.3*100= 4%

Debt at the end of 2010= $3500+$170+$300=$3970 million

Debt to GDP ratio= 3.97/7.3*100= 54%

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