Suppose That in a Closed Economy GDP Is Equal to 20,000,consumption

question 54

Multiple Choice

Suppose that in a closed economy GDP is equal to 20,000,consumption equal to 15,000,government purchases equal 4,000 and taxes equal 3,000.What are private saving,public saving,and national saving?

• A)-2,000,1,000,and 2,000,respectively.
• B)1,000,2,000,and 3,000,respectively.
• C)2,000,-1,000,and 1,000,respectively.
• D)2,000,1,000,and 2,000,respectively.

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Definitions:

Raw Sensations

Relates to the basic, immediate experiences that arise from stimuli affecting sensory receptors, before undergoing significant mental processing.

Sense of Smell

A sensory system allowing for the perception of odors through the detection of chemical molecules in the air.

Physical Harm

Injury or damage inflicted on a person's body, potentially resulting in pain or impairment.

Gate-Control Theory

A theory suggesting that the spinal cord contains a neurological "gate" that either blocks or allows pain signals to continue on to the brain.