The Accompanying Table Gives Budget Information for a Hypothetical Economy

question 94

Multiple Choice

$$\begin{array} { | c | c | c | c | } \hline & \begin{array} { c } \text { Government } \\\text { Spending }\end{array} & \text { Tax Revenues } & \text { GDP } \\\hline \text { Year 1 } & \$ 450 & \$ 425 & \$ 2,000 \\\hline \text { Year 2 } & 500 & 450 & 3,000 \\\hline \text { Year 3 } & 600 & 500 & 4,000 \\\hline \text { Year 4 } & 640 & 620 & 5,000 \\\hline \text { Year 5 } & 680 & 580 & 4,800 \\\hline \text { Year 6 } & 600 & 620 & 5,000 \\\hline\end{array}$$ The accompanying table gives budget information for a hypothetical economy. Assume that all budget surpluses are used to pay down the public debt. A budget surplus occurred in year

• A) 2.
• B) 3.
• C) 4.
• D) 6.

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Definitions:

Percentile

A statistical measure indicating the value below which a given percentage of observations in a group of observations fall.

Internal Consistency

A measure of the reliability of a test or scale, assessing whether items that propose to measure the same general construct produce similar scores.

Licensure Exam

A formal assessment that certifies individuals as qualified to engage in a profession or vocational activity, ensuring they meet the required standards.

Mean

In statistics, the mean is a measure of central tendency, calculated by summing all values in a dataset and dividing by the number of values.