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Refer to the following table for Waxwania: Government Expenditures, G $ 170 170 170 170 170 Tax Revenues, T $ 90 110 130 150 170
Refer to the following table for Waxwania: Government Expenditures, G $ 170 170 170 170 170 Tax Revenues, T $ 90 110 130 150 170 Real GDP $450 55 650 250 Instructions: In parta, enter your answers as a whole number. In part, round your answer to 2 decimal places a Suppose that Waxwania is producing $550 of real GDP whereas the potential real GDP (or full employment real GOP) is $650 How large is its budget deficit? How large is its cyclically adjusted budget deficit? b. How large is its cyclically adjusted budget deficit as a percentage of potential teal GDP percent
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