In Exercises 2934, use your graphing calculator to produce a graph of the function. Then determine the domain and range of the function by looking at its graph.h1x2 = ln 1x + 62
Macroeconomics Exam 2 Part 2 ALL WE NEED TO KNOW: Budget: plan for spending; plan for expenditures (outlays) and tax collections (tax revenues or tax receipts) If you are spending more than you have, the only things you can do: CUT EXPENSES or MORE INCOME Balanced Budget: government expenditures (outlays) = tax revenues spending that goes out = tax collection Budget surplus: Tax revenues exceed government expenditures; tax collection is higher than spending (outlays) DON’T FORGET WE NEED TO KNOW ALL THE NAMES FOR THE PREVIOS POINTS!!!!! Budget Deficit: government expenditures exceed tax revenues spending more than taxes in tax revenues FISCAL YEAR vs. CALENDAR - Federal fiscal: OCTOBER 1 ST (2015) TO SEPTEMBER 30 TH (2016) - In the fiscal year 2015: Outlays/expenditures: $3.7 trillion (spent) ; tax receipts: $3.2 trillion (collected) - The federal deficit of 2015 is $-438 billion Estimated fiscal year: - FY 2015: $-582 billion ------- (actual $-438 billion) - FY 2016: $-615 billion - FY 2017: $-503 Billion - These estimates make assumptions about health of the economy, federal spending and taxes National Debt: sum of ALL PAST budget deficits - Current national debt (estimate) $19 trillion - Statutory debt Limit: $18.1 trillion - this debt limit or debt ceiling caps the borrowing or authority of federal government (BIG DEAL) - November 2, 2015: cthrent debt Limit suspended to accommodate debt through March 26 , 2017 for NEW PRESIDENT FEDERAL BUDGET OUTLAYS 2015: WHERE DOES OUR FEDERAL DOLLARS GO 1. Social security and Medicare 2. National defense 3. Social programs/income security 4. Health-Medicaid 5. Net interest on debt Federal tac receipts 1. Individual income taxes 2. Social insurance taxes 3. Corporate income taxes 4. Excise, estate, customs, duties, federal reserve deposits FOR THE LAST 2 BULLETS: WE DO NOT NEED TO KNOW THE PERCENTAGES!!!! JUST THE ORDER!!