In 2007,Norway's government had revenue of $226.3 billion and expenditures of $158.7 billion. At the same time,GDP totalled $392 billion and government debt was about 67 percent of GDP. In 2007,Norway's government ran a government budget ________ and government debt ________.

Question

Quizplus · Accepted Answer

A budget surplus occurs when government revenues exceed government expenditures. In 2007, Norway's government had revenue of $226.3 billion and expenditures of $158.7 billion, resulting in a surplus of $67.6 billion. This means that the government had more money coming in than going out. Additionally, government debt decreased, implying that Norway's government was able to pay off some of its debt during this time period.

In 2007,Norway's Government Had Revenue of $226