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

question 107

Multiple Choice

Suppose that in a closed economy GDP is equal to 11,000, taxes are equal to 2,500 consumption equals 7,500 and government purchases equal 2,000. What are private saving, public saving, and national saving?

• A)1,500, 1,000, and 500, respectively
• B)1,000, 500, and 1,500, respectively
• C)500, 1,500, and 1,000, respectively
• D)None of the above is correct.

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Definitions:

Walter Mischel

A psychologist best known for his work on personality theory and cognitive-affective behavior, including the famous marshmallow test on delayed gratification.

Situationism

Situationism is the theory that behavior is more strongly influenced by external, situational factors than by internal traits or motivations, emphasizing the power of context in shaping human actions.

Personality Coefficient

A statistical measure that quantifies the relationship between personality traits and various outcomes or behaviors.

Relative Consistency

The concept that an individual's behavior is more consistent within similar situations than across different situations.