1 Answer

BlueStrat · Answer 1 · 2020-01-20T07:02:05+0000

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.

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