None YearExpendituresTax RevenuesGDP1$400$295$6,7002$460$325$6,9003$420$355$7,5004$470$380$7,700Suppose that initially there is no public debt. Using the above table, the public debt over this four year period would haveby $ (Enter your response as a whole number.)

To calculate the public debt over the four-year period, we need to find the difference between the…

Answered: Year Expenditures Tax Revenues GDP 1…

Macroeconomics: Principles and Policy (MindTap Course List)

13th Edition

ISBN:9781305280601

Author:William J. Baumol, Alan S. Blinder

Publisher:William J. Baumol, Alan S. Blinder

Chapter16: Budget Deficits In The Short And Long Run

Section: Chapter Questions

Problem 1DQ

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Year Expenditures Tax Revenues GDP 1 $400 $295 $6,700 2 $460 $325 $6,900 3 $420 $355 $7,500 4 $470 $380 $7,700 Suppose that initially there is no public debt. Using the above table, the public debt over this four year period would have by $ (Enter your response as a whole number.)