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kakasveta [241]
3 years ago
13

A country has been in existence for only two years. In the first​ year, receipts were​ $1.0 million and outlays were​ $1.5 milli

on. In the second​ year, receipts were​ $1.5 million and outlays were​ $2.0 million. At the end of the second​ year, the government had issued debt worth​ ______.
Business
1 answer:
KengaRu [80]3 years ago
4 0

Answer: $1 million

Explanation:

From the question, we are informed that a country has been in existence for only two years and that in the first​ year, receipts were​ $1.0 million and outlays were​ $1.5 million. Since outlays us more than revenue, it shows that there's a debt of ($1.5m - $1.0m) = $0.5 million.

In the second​ year, receipts were​ $1.5 million and outlays were​ $2.0 million. This also shows that there is a debt of $0.5 million.

At the end of the second​ year, the government had issued debt worth:

= $0.5 million + $0.5 million

= $1 million

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