What Is Investment in a Closed Economy If You Have

question 155

Multiple Choice

What is investment in a closed economy if you have the following economic data? Y = $10 trillion
C = $5 trillion
TR = $2 trillion
G = $2 trillion

• A)$2 trillion
• B)$3 trillion
• C)$5 trillion
• D)cannot be determined without information on taxes (T)

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Definitions:

Closing Entries

At the conclusion of an accounting period, closing entries refer to the journal entries that are recorded to move the balances from temporary accounts to permanent accounts, which helps in getting the accounts ready for the upcoming period.

Classified Balance Sheet

A balance sheet that organizes assets and liabilities into subcategories such as current and long-term.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, presented in a structured manner.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments have been made for errors, accruals, and deferrals in the accounting period.