Which of the Following Equations Most Simply Represents GDP in a Closed

question 196

Multiple Choice

Which of the following equations most simply represents GDP in a closed economy?

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

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Definitions:

Scholarly Estimates

Quantitative or qualitative assessments made by academic researchers based on evidence and reasoning in a specific field of study.

American Wage

Refers to the average compensation, including salaries and benefits, received by workers in the United States.

Immigration Effects

The impact of immigration on the economy, labor markets, and society in general.

Equilibrium Wage

The wage rate at which the quantity of labor demanded by employers equals the quantity of labor supplied by workers, leading to a balance without excess supply or demand in the labor market.