Question: The data in Fed Receipt represent federal receipts from 1978 through 2011, in billions of current dollars, from individual and corporate income tax, social insurance,

The data in Fed Receipt represent federal receipts from 1978 through 2011, in billions of current dollars, from individual and corporate income tax, social insurance, excise tax, estate and gift tax, customs duties, and federal reserve deposits. (Data extracted from "Historical Federal Receipt and Outlay Summary," Tax Policy Center, bit .ly/7dGCmz)
a. Plot the series of data.
b. Compute a linear trend forecasting equation and plot the trend line.
c. What are your forecasts of the federal receipts for 2012 and 2013?
d. What conclusions can you reach concerning the trend in federal receipts?

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a b where X years relative to 1978 c X 2012 1978 34 25433631 b... View full answer

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