Use the figure below to answer the following questions.

Figure 29.3.1
-Refer to Figure 29.3.1, which shows the outlays and revenues for the government of Pianoland. The budget is balanced when real GDP equals

Question

Use the figure below to answer the following questions.
  
Figure 29.3.1
-Refer to Figure 29.3.1, which shows the outlays and revenues for the government of Pianoland. The budget is balanced when real GDP equals

Quizplus · Accepted Answer

A balanced budget occurs when government outlays equal government revenues. In the figure, we can see that government outlays and revenues intersect at the $650 billion level of real GDP, indicating that this is the point at which a balanced budget occurs.

Use the Figure Below to Answer the Following Questions