12. The website www.usgovernmentspending.com reports the Federal Debt to GDP ratio from 1792 through 2023.

This historical series of Debt-GDP ratios is included in a file entitled DebtGDPratios.pdf and posted within the folder Homework #3 material in "Course Documents" at Blackboard(THIS IS ATTACHED BELOW). The Debt-GDP ratio is located in the far right column (not including the column that reports whether the ratio is actual "a" or estimated "e"). Match the value you find in the table to the closest value on the list of Debt-GDP ratios below. Note that you'll use the same list for each question.

a. What is the smallest value for the Debt-GDP ratio between 1792 and 2023?

b. What is the largest value for the Debt-GDP ratio prior to 2023?

Debt-GDP ratios

A. 0.00% B. 0.02% C. 0.69% D. 32.27% E. 59.92% F. 90.41% G. 119.12% H. 126.54% I. 128.76% J. 134.71% K. none of the above

Year US GDP US Population Gross Federal Public Debt (billions of current $) [millions of people) as a percentage of GDP 1792 0.23 4.173 34.32% a 1793 0.25 4.300 32.02% a 1794 0.32 4.432 24.90% a 1795 0.38 4.567 21.08% a 1796 0.42 4.707 20.09% a 1797 0.41 4.850 20.06% a 1798 0.41 4.998 19.18% a 1799 1.44 5.151 17.74% a 1800 0.48 5.308 17.29% a 1801 0.51 5.476 16.16% a 1802 0.45 5.648 17.90% a 1803 0.49 5.826 15.82% a 1804 1.53 6.010 16.22% a 1805 0.56 6.199 14.67% a 1806 0.62 6.395 12.27% a 1807 0.59 6.596 11.75% a 1808 0.65 6.804 10.09% a 1809 0.69 7.019 8.30% a 1810 0.71 7.240 7.53% 1811 0.77 7.450 5.26% a 1812 0.79 7.666 5.75% a 1813 0.97 7.889 5.78% a 1814 1.08 8.118 7.56% 1815 0.93 8.354 10.79% 1816 0.82 8.596 15.55% a 1817 0.77 8.846 16.06% 1818 0.74 9.102 14.04% a 1819 0.73 9.367 13.16% a 1820 0.71 9.638 12.82% a 1821 0.74 9.921 12.24% 1822 0.81 10.212 11.62% a 1823 0.76 10.511 11.97% a 1824 0.75 10.819 11.97% a 1825 0.82 11.136 10.19% a 1826 0.87 11.462 9.36% a 1827 0.92 11.798 8.08% a 1828 0.90 12.144 7.52%US GDP US Population Gross Federal Public Debt Year (billions of current $) (millions of people) as a percentage of GDP 1866 9.08 35.537 30.54% 1867 8.42 36.270 31.79% 1868 8.22 37.017 31.76% 1869 7.92 37.780 32.68% 1870 7.81 38.558 31.75% 1871 7.67 39.588 30.70% 1872 8.31 40.646 27.12% 1873 .84 41.732 25.29% a 1874 8.56 42.847 26.30% a 1875 8.24 43.991 27.09% 1876 3.39 45.166 25.99% a 1877 8.60 46.373 25.63% a 1878 8.46 47.612 26.67% a 1879 9.45 18.883 24.87% a 1880 10.46 50.189 20.27% a 1881 11.74 51.342 17.62% a 1882 12.33 52.521 15.56% a 1883 12.44 53.726 15.15% a 1884 11.90 54.960 15.39% a 1885 11.71 56.222 15.92% a 1886 12.30 57.513 14.43% a 1887 13.27 58.833 12.49% 1888 14.00 60.184 12.09% 1889 13.99 61.566 11.58% 1890 15.22 62.980 10.20% 189 15.56 4.192 9.94% a 1892 16.51 65.428 9.62% a 1893 15.57 66.688 9.93% a 1894 14.28 67.972 11.43% 1895 15.75 281 10.64% a 1896 15.64 70.615 11.31% a 1897 16.31 71.974 11.15% a 1898 18.26 73.360 9.84% a 1899 19.69 74.773 10.11% a 1900 20.77 76.212 10.29% a 1901 22.48 77.680 9.53% a 1902 24.29 79.176 8.89% laYear US GDP US Population Gross Federal Public Debt - (billions of current $) (millions of people) as a percentage of GDP - 1903 26.18 80.701 8.41% I 1904 25.93 82.255 8.73% a 1905 29.07 83.839 7.83% 906 31.34 85.453 7.46% 907 34.18 87.099 7.19% 908 30.42 88.776 8.63% 1909 32.54 90.486 8.11% __ __ __ __ __ _ __ __ __ __ _ __ _ 1923 86.24 110.908 25.92% 1924 87.79 112.586 24.21% 925 91.45 114.290 22.43% 926 97.89 116.019 20.07% 1927 96.47 117.775 19.19% __ _ __ __ __ __ _ _ 1936 84.80 128.504 39.83% 1937 93.00 129.410 39.17% 938 87.40 130.321 42.52% 939 93.40 131.240 43.30% US GDP US Population Gross Federal Public Debt Year (billions of current $) millions of people) as a percentage of GDP 1940 102.90 132.165 49.27% a 1941 129.30 133.966 14.49% a 1942 166.00 135.792 47.71% a 1943 203.10 137.643 70.24% a 1944 224.40 139.519 0.94% a 1945 228.00 141.421 1 14.09% a 1946 227.50 143.349 119.12% a 194 249.60 145.303 103.02% 1948 274.50 147.283 91.81% 1949 272.50 149.291 92.70% 1950 299.80 151.326 85.67% a 1951 346.90 153.917 73.59% 1952 367.30 156.552 70.54% 195 389.20 159.232 68.34% 1954 390.50 161.958 59.35% 1955 425.50 164.731 54.48% 1956 449.40 167.551 50.68% 1957 474.00 170.420 57.44% 1958 481.20 173.337 58.12% 1959 521.70 176.305 55.10% 1960 542.40 179.323 53.56% 1961 562.20 181.588 52.05% a 1962 603.90 183.881 50.16% 1963 637.50 186.204 48.68% a 1964 684.50 188.555 46.17% a 196 742.30 190.937 43.42% 1966 813.40 193.348 40.39% 196 $60.00 195.790 39.59% a 1968 940.70 198.263 39.19% 1969 1017.60 200.766 35.94% 1970 1073.30 203.302 35.49% 1971 1164.90 205.515 35.04% 1972 1279.10 207.752 34.08% 1973 1425.40 210.013 32.71% a 1974 1545.20 212.299 31.32% 1975 1684.90 214.609 32.16% 1976 1873.40 216.945 33.57% laUS GDP Year US Population Gross Federal Public Debt (billions of current $) millions of people) as a percentage of GDP 1829 0.93 12.500 6.28% a 1830 1.02 12.866 4.75% a 831 1.05 13.235 3.72% a 1832 1.13 13.614 2.15% 1833 1.16 14.005 0.60% a 1834 1.22 14.406 0.39% 1835 1.34 14.819 0.00% a 1836 1.48 15.244 0.00% la 1837 1.55 15.682 0.02% a 1838 1.60 16.131 0.21% a 1839 1.66 16.594 0.63% 1840 1.57 17.070 0.23% 1841 1.65 17.601 0.32% 1842 1.62 18.149 0.84% a 1843 1.57 18.714 2.09% 184 1.70 19.296 1.38% 1845 1.86 19.897 0.86% 1846 2.07 20.516 0.75% a 1847 2.41 21.154 1.61% a 1848 2.43 21.813 1.94% a 1849 2.42 22.492 2.61% 1850 2.58 23.192 2.46% 1851 2.72 23.909 2.51% 1852 3.07 24.648 2.16% 1853 3.31 25.409 1.81% la 1854 3.71 26.195 1.14% 1855 3.98 27.004 0.90% 1856 4.05 27.839 0.79% 1857 1.18 28.699 0.69% a 1858 4.09 29.586 1.10% a 1859 4.43 30.501 1.32% 1860 4.39 31.443 1.48% la 1861 1.64 32.091 1.95% 1862 5.84 32.753 8.97% la 1863 7.70 33.428 14.55% 1864 9.55 34.117 19.02% la 1865 9.98 34.820 26.87% laYear US GDP US Population Gross Federal Public Debt - (billions of current 35) (millions of people) as a percentage of GDP - 1977 2081.80 219.307 33.93% I 1978 2351.60 221.694 33.02% 1979 2627.30 224.107 31.57% 1980 2857.30 226.546 31.81% 1981 3207.00 228.670 31.02% 1982 3343.80 230.815 34.01% 1983 3634.00 232.979 37.75% 1984 4037.60 235.164 38.75% 1985 4339.00 237.369 41.89% 1986 _ __ __ __ __ __ __ __ _ 1995 7639.70 264.561 64.41% m 1996 8073.10 267.850 64.18% I 997 998 999 8577.60 9062.80 9630.70 271.180 274.552 277.966 000 10251.00 282.172 54.91% 001 10581.90 285.082 54.53% __ _M _M _M _M _M _M _M 010 15049.00 309.327 89.90% 011 15599.70 311.583 94.64% 012 16254.00 313.878 98.75% 013 16843.20 316.060 99.27% 62.60% 60.45% 58.20% US GDP US Population Year Gross Federal Public Debt (billions of current $) (millions of people) as a percentage of GDP 2014 17550.70 318.386 101.39% a 2015 18206.00 320.739 99.53% a 2016 18695.10 323.072 104.52% a 2017 19479.60 325.122 103.73% a 2018 20527.20 326.838 104.56% a 2019 21372.60 328.330 106.07% a 2020 20893.70 331.512 128.76% a 2021 22993.50 332.032 123.45% a 2022 25699.00 333.288 120.35% e 2023 25566.50 334.548 127.48% e Legend: a - actual reported e - estimated by usgovernmentspending.com