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Suppose the fictitious country of Islandia begins fiscal year 1 with no public debt. Tax revenues and government expenditures for the next five years are

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Suppose the fictitious country of Islandia begins fiscal year 1 with no public debt. Tax revenues and government expenditures for the next five years are shown in the table below. Instructions: In parts a and b, enter your answers as a whole number. In part c, round your answer to 1 decimal place. Enter a positive number for a surplus and a negative number (-) for a deficit. a. Calculate the deficit or surplus for each fiscal year and record it in the table below. Government Surplus or Year Tax Revenues, Billions Expenditures, Deficit, Billions Billions 1 $ 122 $ 124 2 126 130 3 131 130 128 136 5 131 134 b. At the end of fiscal year 5, what is the total public surplus or debt? billion c. Suppose GDP is $253 billion. What percent of GDP does the public debt represent? percent

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