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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?
MRP Schedule
Marginal Revenue Product Schedule, which details the additional revenue generated from employing one more unit of a resource or input.
Economic Rent
Income derived from the ownership of a unique asset or a situation, where no actual work is done to earn it.
MRP Schedule
A chart or table that shows the marginal revenue product of labor, detailing how changes in the quantity of labor employed will impact total revenue generated.
Economic Rent
A payment to an owner or factor of production in excess of the costs needed to bring that factor into production.
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