A government records the following figures for one financial year:
| Amount | |
|---|---|
| Government revenue | £1,040 billion |
| Government spending | £1,092 billion |
| National income | £2,600 billion |
Calculate the budget position and express it as a percentage of national income.
76 exam-style questions on OCR GCSE Economics 3.5 Fiscal policy, covering 3.5.1 Government spending and revenue, 3.5.2 Budget balance, surplus and deficit, 3.5.3 What is fiscal policy, 3.5.4 Calculate effects of taxes and spending, 3.5.5 Analyse effects of taxes and spending, 3.5.6 Costs and benefits of fiscal policy, and 3.5.7 Redistributing income and wealth. Each one has a worked solution and a mark scheme showing where the marks go.