In Examining the National Income Accounts of the Closed Economy

question 17

Multiple Choice

In examining the national income accounts of the closed economy of Nepotocracy you see that this year it had taxes of $100 billion,transfers of $20 billion,and government purchases of goods and services of $70 billion.You also notice that last year it had private saving of $70 billion and investment of $50 billion.In which year did Nepotocracy have a budget deficit of $20 billion?

• A)this year and last year
• B)this year but not last year
• C)last year but not this year
• D)neither this year nor last year

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Definitions:

Sex Differences

The biological and physiological distinctions between males and females, often in the context of psychological or behavioral studies.

IQ Scores

A measure of a person's intelligence as indicated by an intelligence test, relative to the average performance of others in the same age group.

Developed Countries

Nations with advanced economies, high standards of living, and well-established infrastructure.

Evolutionary Biologists

Scientists who study the processes that have given rise to the diversity of life on Earth, focusing on natural selection, genetic drift, mutations, and gene flow.