Potential output: $8 trillion Actual output: $6 trillion Actual Deficit: $ 400 billion Tax Rate: 15% What is the structural deficit in 2010

The structural budget in 2010 is $100 billion

Explanation:

Actual deficit = Government spending - Tax Revenue Collection  

i.e Actual deficit = G-T

T = (Tax rate) (Actual output)

$400 billion = G - (0.15)($6000 billion)

$400 billion = G - $900 billion

G =  $400 billion + $900 billion

G =  $1300 billion

Thus, Government spending is $1300 billion

Structural deficit = G - T'

T' = (Tax rate)(Potential output)

T' = (0.15)(8000 billion)

T' = $1200 billion

Structural deficit = G - T'

Structural deficit = $1300 billion - $1200 billion

Structural deficit = $100 billion

Thus, the structural budget in 2010 is $100 billion

a recipe serves 8 people, and calls for 5 lbs of apples and 2 cups of flour. you want to prepare it for 24 people. divide 24 by 8 to get 3, and then multiply your ingredients by 3.

so for 24 people, you'll need 15 lbs of apples, and 6 cups of flour.

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