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4.5 Role of the state in the macroeconomy

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Question 18

With reference to Figure 1, explain the term 'balanced government budget'.

Figure 1: Republic of Vesperia Government Spending and Revenue (% of GDP), 2005–2023

Figure 1: Republic of Vesperia Government Spending and Revenue

YearGovernment spending (% of GDP)Government revenue (% of GDP)
200532.530.0
200831.031.0
201134.029.5
201429.031.0
201730.530.5
202036.529.0
202331.531.5
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4.5 Role of the state in the macroeconomy Questions

  1. A Level
  2. /Economics
  3. /4.5 Role of the state in the macroeconomy