In 2007, Norway's government had revenue of $226.3 billion and expenditures of $158.7 billion. At the same time, GDP totaled $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

The government had higher revenue ($226.3 billion) than expenditures ($158.7 billion), indicating a budget surplus. Since the government ran a surplus, it likely used some of the surplus to pay down debt, leading to a decrease in government debt as a percentage of GDP.

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