Thank you for visiting A government begins the year with 6 trillion of public debt During the year it collects taxes of 4 trillion and spends 7 trillion on. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
The public debt at the end of the year can be calculated by taking into account the deficit, which is the difference between government spending and tax revenue.the correct answer is: $9 trillion.
Deficit = Government Spending - Tax Revenue
Deficit = $7 trillion - $4 trillion
Deficit = $3 trillion
Since the government borrows from individuals and institutions outside the government to finance the deficit, the public debt at the end of the year would increase by the amount of the deficit.
Public Debt at the end of the year = Initial Public Debt + Deficit
Public Debt at the end of the year = $6 trillion + $3 trillion
Public Debt at the end of the year = $9 trillion
Therefore, the correct answer is: $9 trillion.
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