Suppose That in a Closed Economy GDP Is Equal to 15,000,taxes

question 163

Multiple Choice

Suppose that in a closed economy GDP is equal to 15,000,taxes are equal to 2500,consumption is equal to 7500,and government expenditures are equal to 3100.What is public saving?

• A) -600
• B) -500
• C) 500
• D) 600

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Definitions:

Real Wages

Refers to wages that have been adjusted for inflation, indicating the actual buying power of the compensation.

Labor-Productivity

A measure of the amount of goods and services produced by one hour of labor.

Capital Resources

Assets such as machinery, buildings, and technology that are used in the production of goods and services.

High Price

A term referring to a price level that is significantly above average or expected, often indicating scarcity, high demand, or premium quality.