Table 20P-4 shows an economy’s GDP, current expenditures, and tax revenue for 2013–2016.
a. Complete the table by filling in the prior-year debt for each year listed.
b. For each year, is this economy experiencing a budget surplus or budget deficit?
c. Debt is what percentage of GDP in 2013?
d. Between 2013 and 2016, by what percentage has GDP changed? By what percentage has the debt changed? Is debt as a percentage of GDP growing, constant, or shrinking between 2013 and 2016?