In a Given Year,the Federal Government's Revenues Are $315 Billion,its

question 7

Multiple Choice

In a given year,the federal government's revenues are $315 billion,its expenditures are $300 billion and Canada's GDP is $1500 billion.As a result there is a budget:

• A)surplus equal to 0.1 percent of GDP
• B)deficit equal to 0.1 percent of GDP
• C)deficit equal to 1 percent of GDP
• D)surplus equal to 1 percent of GDP
• E)deficit equal to 0.01 percent of GDP

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Definitions:

Expected

A term often used in statistics and probability, referring to the predicted outcome or value in an experiment or random event.

Observed

Observed, in statistics, refers to the actual data or values collected from experiments or studies, as opposed to expected or theoretical values.

Chi-square Value

A statistic used to measure the differences between observed and expected frequencies in categorical datasets, testing for independence or goodness of fit.

Observed

Refers to measured or witnessed information and data gathered through experimentation or research.