Question

According to www.whitehouse.gov, the government had about $2.1 trillion in receipts and $2.8 trillion in outlays (expenses) for 2013. Does this represent a surplus or a deficit? What was the ratio of the government's expenses to it's receipts for 2013? Express this as a decimal rounded to the thousandths place.

Answer 1

The ratio of the government's expenses to it's receipts for 2013 is 1.3333333 trillion

Explanation:

According to the given data we have the following:

Receipt=$2.1 trillion

Expenses=$2.8 trillion

Hence, it represent a decifit of $2.8 trillion-$2.1 trillion=$0.7 trillion

Therefore, to calculate the the ratio of the government's expenses to it's receipts for 2013 we would have to use the following formula:

ratio of the government's expenses to it's receipts=$2.8 trillion/$2.1 trillion

ratio of the government's expenses to it's receipts=1.3333333 trillion

The ratio of the government's expenses to it's receipts for 2013 is 1.3333333 trillion