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

question 173

Multiple Choice

Suppose that in a closed economy GDP is equal to 11,000,taxes are equal to 3500,consumption is equal to 6500,and government expenditures are equal to 2000.What is private saving?

• A) 0
• B) 500
• C) 1000
• D) 1500

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Definitions:

Behavior

The actions or reactions of an individual or group, often in response to their environment.

Halo Effect

A cognitive bias where an individual's overall impression of a person influences how they feel and think about that person's character.

Characteristic

A distinguishing quality, trait, or feature of a person, thing, or category.

Perceptual Defense

A psychological concept referring to an individual's tendency to unconsciously protect themselves from unpleasant or threatening information, ideas, or perceptions.