What Is the Formula for a Closed Economy's GDP

question 57

Multiple Choice

What is the formula for a closed economy's GDP?

• A) Y = C + I + G
• B) Y = (C - T) + I + G
• C) Y = C + I + G + S
• D) Y = C + I + G + NX

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Definitions:

Deterministic

A system or process characterized by a predetermined sequence of events or outcomes, without any random variation.

Correlational

Correlational refers to a statistical relationship between two variables, indicating how one may predict or be associated with changes in another.

Random

Lacking any definite plan or order or purpose; governed by or depending on chance.

Warranted

Justified or supported by reasonable evidence or authority.