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

question 102

Multiple Choice

Suppose that in a closed economy GDP is equal to 11,000,Taxes are equal to 2,500,Consumption equals 7,000,and Government purchases equal 3,000.What are private saving and public saving?

• A)1500 and -500
• B)1500 and 500
• C)1000 and -500
• D)1000 and 500

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Definitions:

Counteroffer

A response to an offer in which the original conditions are rejected and replaced with new terms by the party receiving the initial offer.

Electric Bicycle

A bicycle equipped with an electric motor that can assist with pedaling and, in some models, completely take over propulsion.

Extra Tire

A spare tire carried in a vehicle for use in the event of a tire failure.

Electronic Offer

A proposal to enter into a contract transmitted through electronic means, such as email or a website form.