Table 1: Federal Government receipts and expenditures and nominal GDP, billions of dollars.

	1967	1978	1984	1999	2009	2018
Tax receipts	108	280	410	1175	1124	1956
Other receipts	38	144	302	732	1116	1542
Government purchases and subsidies	92	173	317	501	993	1121
Government transfer payments	52	234	397	986	2141	2846
Interest payments	22	79	194	352	355	541
Net government investment	9	5	25	-3	49	4
Nominal GDP	860	2,352	4,339	9,631	14,449	20,580

Assume the table above represents all federal government revenues and expenditures.

Question 1

Refer to Table 1. Of the years included, in which did the federal government run a budget surplus?

Question 2

Refer to Table 1. Of the years included, when was the deficit relative to GDP the greatest?

Question 3

Refer to Table 1. Of the years included, when were tax receipts relative to GDP the greatest?

Question 4

Refer to Table 1. Of the years included, when were interest payments relative to GDP the greatest?

Question 5

Refer to Table 1. Calculate the government budgetary position in 1978 in billions of dollars.If the budget is in deficit, enter a '-' sign before the value (i.e. enter -3 as your answer if the answer is a $3 billion deficit).

Question 6

Refer to Table 1. Price level as measured by the CPI was 104 in 1984 and 251 in 2018. Calculate the value of interest payments made by the government in 1984, adjusted to 2018 dollars.