The following table lists federal expenditures, revenues, and GDP for the U.S. e
ID: 1157540 • Letter: T
Question
The following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years. All numbers are in billions of dollars. Revenues Year (Billions of dollars) 1948 1956 1964 1972 1980 41.6 74.6 112.6 207.3 517.1 Expenditures (BIlllons of dollars) 29.8 70.6 118.5 230.7 590.9 GDP (Billlons of dollars) 269.2 437.5 563.6 1,238.3 2,789.5 Plot the data for revenues and expenditures as a percentag of GDP on the following graph, rounded to the nearest percent. Use the orange points (square symbol) for expenditures and the green points (triangle symbol) for revenues. Line segments will automatically connect the points.Explanation / Answer
ANSWER:
I tried uploading the pic of the graph , but couldn't upload it due to some technical reason and so i am writing down the percentage of both revenue and expenditure as a percentage of gdp for each of the 5 years.
so you can now plot on graph from below , as a percent of gdp and sorry for technical problem.
1) 1948
revenue as a percentage of gdp = (revenue / gdp ) * 100 = (41.6 / 269.2) * 100 = 0.1545 * 100 = 15.45%
expenditure as a percentage of gdp = (expenditure / gdp ) * 100 = (29.8 / 269.2) * 100 = 0.1106 * 100 = 11.06%
2) 1956
revenue as a percentage of gdp = (revenue / gdp ) * 100 = (74.6 / 437.5) * 100 = 0.1705 * 100 = 17.05%
expenditure as a percentage of gdp = (expenditure / gdp ) * 100 = (70.6 / 437.5) * 100 = 0.1613 * 100 = 16.13%
3) 1964
revenue as a percentage of gdp = (revenue / gdp ) * 100 = (112.6 / 663.6) * 100 = 0.1696 * 100 = 16.96%
expenditure as a percentage of gdp = (expenditure / gdp ) * 100 = (118.5 / 663.6) * 100 = 0.1785 * 100 = 17.85%
4) 1972
revenue as a percentage of gdp = (revenue / gdp ) * 100 = (207.3 / 1238.3) * 100 = 0.1674 * 100 = 16.74%
expenditure as a percentage of gdp = (expenditure / gdp ) * 100 = (230.7 / 1238.3) * 100 = 0.1863 * 100 = 18.63%
5) 1980
revenue as a percentage of gdp = (revenue / gdp ) * 100 = (517.1 / 2789.5) * 100 = 0.1853 * 100 = 18.53%
expenditure as a percentage of gdp = (expenditure / gdp ) * 100 = (590.9 / 2789.5) * 100 = 0.2118 * 100 = 21.18%
in the year 1964 , 1972 and 1980 , the government had budget deficit as expenditures in these years were more then that of revenues.
in 1964 the national debt was ( expenditure - revenue) = ( 118.5 - 112.6) = 5.9 billion dollars, so in 1964 the national debt decreased by $5.9 billion.
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