Refer to the following table for Waxwania:
Government Expenditures, G Tax Revenues, T Real GDP
$ 170 $ 110 $ 550
170 130 650
170 150 750
170 170 850
170 190 950
Instructions: In part a, enter your answers as a whole number. In part b, round your answer to 2 decimal places.
Suppose that Waxwania is producing $650 of real GDP, whereas the potential real GDP (or full-employment real GDP) is $750. How large is its budget deficit?