Suppose the Economy Is Closed and That National Saving Is

question 169

Multiple Choice

Suppose the economy is closed and that national saving is $2 trillion,that consumption is $7 trillion,and that government purchases are $1 trillion.What is GDP?

• A)$8 trillion
• B)$9 trillion
• C)$10 trillion
• D)$11 trillion

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Definitions:

Intestate Succession

The legal process by which property is distributed by law to the heirs of an individual who dies without a valid will.

Joint Tenancy

A form of property ownership where two or more individuals hold equal shares and rights in the property, with a right of survivorship.

Memorandum

A written document or note that helps in remembering or conveying information, intentions, or understanding between parties.

Constructive Trust

An equitable remedy that treats a person as if they were a trustee, usually because they have wrongfully obtained or held legal right to property they should not benefit from.