Scenario 21-1 Consider the Following Data for a Closed Economy

question 81

Multiple Choice

Scenario 21-1

Consider the following data for a closed economy:

Y = $12 trillion
C = $8 trillion
I = $2 trillion
G = $2 trillion
TR = $2 trillion
T = $3 trillion

-Refer to Scenario 21-1. Based on the information above, what is the level of public saving?

• A) $0
• B) $1 trillion
• C) $2 trillion
• D) negative $1 trillion (a deficit of $1 trillion)

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Definitions:

Nursing Home Care

Specialized residential care provided to elderly or disabled individuals who require constant medical and personal attention.

Medicare

A federal health insurance program in the United States primarily for people aged 65 and older, as well as for younger people with certain disabilities.

African-American

Americans of an ethnic group who have full or partial heritage from one or more of Africa's black racial groups.

Voluntary Hospitals

Hospitals that operate on a not-for-profit basis, often founded by charitable organizations to provide medical care without direct cost to patients.