Question

Suppose that the Office of Management and Budget provides the accompanying estimates of federal budget​ receipts, federal budget​ spending, and​ GDP, all expressed in billions of dollars. Calculate the implied estimates of the federal budget deficit as a percentage of GDP for each year. ​(Enter each response as a percentage rounded to one decimal place. Do not include a plus or minus​ sign.)

Year Federal budget Receipts Federal budget Spending GDP Deficit as a % of GDP
2011 $2329.8 $2682.6 $14573.2 _______
2012 2446.3 2816.7 14573.2 _______
2013 2568.6 2957.6 14573.2 _______
2014 2697.0 3105.4 14573.2 _______

Answer 1

See explaination

Step-by-step explanation:

Budget deficit = Budget Receipts - Budget Spending

Please kindly check attachment for the step by step solution of the given problem.