For an Imaginary Closed Economy, T = $5,000; S =

question 334

Multiple Choice

For an imaginary closed economy, T = $5,000; S = $11,000; C = $50,000; and the government is running a budget deficit of $1,000. Then

• A)private saving = $10,000 and GDP = $54,000.
• B)private saving = $10,000 and GDP = $58,000.
• C)private saving = $12,000 and GDP = $67,000.
• D)private saving = $12,000 and GDP = $72,000.

---

Definitions:

Constitutional Crisis

A situation that arises when there is a serious disagreement about the interpretation or application of a constitution, leading to a standoff between different branches of government or levels of authority.

Charles I

A 17th-century king of England, Scotland, and Ireland, whose conflicts with parliament led to the English Civil War and ultimately his execution in 1649.

Anglican Book

Refers to a book of liturgy or religious doctrine used by the Anglican Church, such as the Book of Common Prayer.

Common Prayer

Refers to the set of prayers or worship practices used in common by a religious community, notably seen in the Book of Common Prayer in Anglican tradition.