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

$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

answer; common market;