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

question 7

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Suppose that in a closed economy GDP is equal to 11,000,taxes are equal to 1,000,consumption equals 7,500,and government purchases equal 2,000.What is national saving?

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Definitions:

Affiliated

Being officially attached or connected to an organization.

Piece-rates

A pay system where employees are compensated based on the amount of work they produce or complete.

Product Quality

The characteristics of a product that determine its ability to satisfy stated or implied needs.

Marginal Resource Cost

The additional cost incurred by acquiring one more unit of a resource.

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