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

question 66

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)1500
• D)None of the above is correct.

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Definitions:

Draft Payable

A document instructing the payment of a specified amount of money, typically used in international trade.

Negotiability

The quality of a document (such as a check or note) signifying it can be transferred to another holder, who then has the legal right to enforce it.

Revised Article 1

Refers to the updated first Article of the Uniform Commercial Code (UCC), which standardizes laws in the sales and leasing of goods across the United States.

UCC

Refers to the Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.