Which of the Following Is the Formula for a Closed

question 211

Multiple Choice

Which of the following is the formula for a closed economy's GDP?

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

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Definitions:

Production Possibilities

This represents a diagram that outlines the peak production options for two different goods, taking into account a mixture of inputs such as resources and other variables.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods, given a set of inputs, representing the trade-offs in production choices.

Opportunity Cost

The consequence of dismissing the next most suitable option while deciding.

Production Possibilities

Various combinations of the amounts of goods and services that an economy can produce efficiently with its available resources and technology.