Question

How much money (in millions) did littleland need to borrow in 2010 to finance its government spending?

Answer 1

Littleland need to borrow
`\bold{\$300}` million in 2010 to finance its government spending.

Step-by-step explanation:

Budget deficit = Total spending + Total earning

Total spending = Education + Welfare and Social Security + Healthcare + Defense + Payments on debt + Other=
`320+890+270+120+172+240`

Total revenue = Income tax + Sales tax + Corporate tax + Social insurance=
`800+270+300+340`

Budget Deficit
`= 2010-1710=300`

Therefore, making it 300 million dollar that is budget deficit of Littleland in 2010 was
`\$300` million. This means spending of Littleland in 2010 exceeds its revenue for 2010 by
`\$300` million.

Budget deficit means a government has deposited more money and bonds into private holdings than it has removed in taxes, over the course of some time range.