(Table 2: Macroeconomic Data for Macroland) Table 2 provides 2018 macroeconomic data for Macroland. How would the 2018 government budget in Macroland be described?
$\begin{array}{l}
\text { Table 2: Macroeconomic Data for Macroland, } 2018 \text { (billions of dollars) }\
\begin{array}{|c|c|c|c|c|c|c|}
\hline \text { C } \quad \quad \quad & \text { I } \quad \quad \quad & \text { G } \quad \quad & \text { EX } \quad \quad & \text { IM } \quad \quad & \text { T } & \text { Total income } \
\hline \$ 600 & \$ 250 & \$ 300 & \$ 200 & \$ 150 & \$ 280 & \$ 1,200 \
\hline
\end{array}
\end{array}$

Question

(Table 2: Macroeconomic Data for Macroland) Table 2 provides 2018 macroeconomic data for Macroland. How would the 2018 government budget in Macroland be described?
 $\begin{array}{l}
\text { Table 2: Macroeconomic Data for Macroland, } 2018 \text { (billions of dollars) }\
\begin{array}{|c|c|c|c|c|c|c|}
\hline \text { C }  \quad  \quad  \quad & \text { I } \quad  \quad  \quad  & \text { G }  \quad  \quad & \text { EX }  \quad  \quad & \text { IM }  \quad  \quad & \text { T } & \text { Total income } \
\hline \$ 600 & \$ 250 & \$ 300 & \$ 200 & \$ 150 & \$ 280 & \$ 1,200 \
\hline
\end{array}
\end{array}$

Quizplus · Accepted Answer

The government budget can be described as having a deficit of $20 billion because government spending (G) is $300 billion while tax revenue (T) is $280 billion, resulting in a shortfall of $20 billion.

(Table 2: Macroeconomic Data for Macroland) Table 2 Provides 2018