Chapter 11: 10) Suppose that the government has an outstanding debt of $96 billion at the end of 2015. Then, in year 2016 there is a deficit of $50 billion; in 2017 there is a deficit of $70 billion; in 2018 there is a surplus of $45 billion; and in year 2019 there is a deficit of $22 billion. What is the government debt at the end of 2019? Assume all surpluses are applied toward reducing the debt and all deficits add to the debt. (2 marks) 11) The imaginary country of Acordia lists the following projected revenues and outlays for 2023: $30 million in personal income tax, $22 million in corporate income tax, $8 million in indirect taxes, $2 million in investment income, $35 million in transfer payments, $14 million in government expenditures, and $4 million in interest on the debt. What is the projected budget surplus (or deficit) for 2023? Calculate the amount and indicate whether it is a surplus or deficit. (1 mark each blank) Amount: $ . Is it a surplus or deficit? (indicate which)