Suppose That in a Closed Economy GDP Is Equal to 11,000

question 72

Multiple Choice

Suppose that in a closed economy GDP is equal to 11,000, taxes are equal to 1,500, consumption equals 7,500, and government purchases equal 2,000. What is national saving?

• A)-500
• B)0
• C)2,000
• D)None of the above is correct.

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Definitions:

National Security Council

A federal agency in the United States responsible for advising the president on national security and foreign policies.

Office of Management and Budget

A division of the Executive Office of the President that assists in preparing the federal budget and monitors spending in U.S. government agencies.

Natural Born Citizen

A term often associated with the eligibility for U.S. presidency, referring to someone born a U.S. citizen, regardless of the location of birth.

Presidency Politics

Presidency politics involves the strategies, actions, and policies associated with the office of the President, including election campaigns, governance, and influence on national and international affairs.