In a Closed Economy,public Saving Is Equal to Which of the Following

question 19

Multiple Choice

In a closed economy,public saving is equal to which of the following? (Y = GDP,C = Consumption,G = Government purchases,T = Taxes,and TR = Transfers)

• A)Y - C - T
• B)Y - G - T
• C)T - G - TR
• D)Y - C - T + TR

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Definitions:

Nonunionized

Workplaces or workers that are not part of a labor union or trade union.

Equilibrium Wage

The pay rate where the amount of labor available matches the amount of work needed.

Production Workers

Individuals directly involved in the manufacturing or creation of a product, working on the production line or within the production area.

Labor Demand

The sum of employees that businesses are ready and capable of employing at a specific pay rate during a given timeframe.