question archive Refer to the accompanying table for Waxmania

Refer to the accompanying table for Waxmania

Subject:EconomicsPrice:2.88 Bought3

Refer to the accompanying table for Waxmania.

 

Governmen Expenditures G Tax Revenues T Real GDP
170 90 450
170 110 550
170 130 650
170 150 750
170 170 850

 

Instructions: Enter answer as the whole number

a. Waxmania is producing $550 of real GDP, whereas the potential real GDP or full-employment real GDP is $650. How large is its budget deficit? $ _____

How large is its cyclically adjusted budget deficit? $ _____

b. How large is the cyclically adjusted budget deficit as a percentage of potential real GDP?

Instructions: Round answer to 2 decimal places

Deficit = 10%

c. Is Waxmania's fiscal policy expansionary or is it contractionary? _____

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