Mapoub Sapling Learning The tables below show the spending and revenue for Littl
ID: 1114847 • Letter: M
Question
Mapoub Sapling Learning The tables below show the spending and revenue for Littleland in 2010. Use the tables and other information below to answer the questions that folow. Spending Category Value (millions) Education Welfare and Social S890M Revenue CategoryValue (illions) Income Tax Sales Tax S320M 5800M 5270M 53DDM 5340M Security S270M S120M Social Insurance Defense Payments on Debt5170M Other This payment covers total interest owing only GDP in 2010 S7.3 Bilion Total debt as of 2009: $3.5 Billion S240M How much money (in millions) diNumber Littleland need to borrow in 2010 to finance its govenment spending? Toola At the end of 2010 what was Littleland's debt to GDP ratio? (give your answer to the nearest whole percentage point)Explanation / Answer
Answer to blank 1: $300 M
Explanation:
Total Revenue = 800 + 270 + 300 + 340 = $1710 M
Total Spending = 320 + 890 + 270 + 120 + 170 + 240 = $2010 M
Borrowing amount = $2010 - $1710 = $300 M (or $0.3 billion)
Answer to blank 2: 52%
Explanation:
Total debt = 3.5 billion + 0.3 billion = $3.8 billion
Debt to GDP ratio = (3.8 / 7.3) * 100 = 52%