The Table Contains Budget Information for a Hypothetical Economy

question 78

Multiple Choice

$$\begin{array} { | c | c | c | c | } \hline & \begin{array} { c } \text { Government } \\\text { Spending }\end{array} & \text { Tax Revenues } & \text { GDP } \\\hline \text { Year 1 } & \$ 800 & \$ 825 & \$ 4,000 \\\hline \text { Year 2 } & 850 & 850 & 4,200 \\\hline \text { Year 3 } & 900 & 875 & 4,350 \\\hline \text { Year 4 } & 950 & 900 & 4,500 \\\hline \text { Year 5 } & 1,000 & 925 & 4,600 \\\hline\end{array}$$ The table contains budget information for a hypothetical economy. All data are in billions of dollars. In which year is there a budget surplus?

• A) Year 1
• B) Year 2
• C) Year 4
• D) Year 5

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Definitions:

Mental Age

A measure of an individual's cognitive ability expressed as the age at which an average individual reaches the same ability level.

Critical Age

A specific period in development during which an individual is particularly receptive to acquiring certain skills, such as language, often hypothesized to end at puberty.

Intellectual Age

A measure of a child's mental abilities expressed in terms of the average abilities of children at a certain chronological age.

Metacognitive Abilities

The awareness and understanding of one’s own thought processes, allowing individuals to regulate their learning.