Math Problem Statement
Imagine that the only source of a government's budget is tax revenue. The country's GDP is $700$700 billion. The government's total tax revenue is $214.2$214.2 billion; one-third goes to transfer payments, and the rest is spent on infrastructure at the federal, state, and local levels.
Calculate government spending as a share of GDP. Enter your answer in the box below, and throughout your calculations, round to one decimal place if necessary.
Solution
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Math Problem Analysis
Mathematical Concepts
Percentage Calculation
Basic Arithmetic
Government Budgeting
Formulas
Percentage formula: (Part/Whole) × 100
Theorems
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Suitable Grade Level
Grades 9-12