Exhibit 17-1: Global Comparison of Government Surpluses and Deficits as a Percentage of GDP, 2016 $$\begin{array} { | l c | }
\hline \text { Country } & \text { Surplus } ( + ) \text { or Deficit } ( - ) \text { as a percent of GDP } \
\text { Canada } & - 1.10 \
\text { Iceland } & 12.57 \
\text { Latvia } & 0.06 \
\text { Norway } & 3.99 \
\text { Spain } & - 4.51 \
\text { United States } & - 4.94 \
\hline
\end{array}$$ Given the information in Exhibit 17-1, which of the following statements is correct?

Question

Exhibit 17-1: Global Comparison of Government Surpluses and Deficits as a Percentage of GDP, 2016 $$\begin{array} { | l c | } 
\hline \text { Country } & \text { Surplus } ( + ) \text { or Deficit } ( - ) \text { as a percent of GDP } \
\text { Canada } & - 1.10 \
\text { Iceland } & 12.57 \
\text { Latvia } & 0.06 \
\text { Norway } & 3.99 \
\text { Spain } & - 4.51 \
\text { United States } & - 4.94 \
\hline
\end{array}$$ Given the information in Exhibit 17-1, which of the following statements is correct?

Quizplus · Accepted Answer

Canada, Spain, and the United States all had a deficit (a negative percentage of GDP), indicating that their expenditures exceeded their revenues, which typically leads to an increase in national debt as governments borrow to cover the shortfall.