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:

Liver Cancer

A disease characterized by the malignant growth of cells in the liver, often resulting from chronic liver diseases like hepatitis or cirrhosis.

Peyer's Patches

Specialized lymphoid nodules in the small intestine's lining that are part of the immune system, helping in the defense against pathogens.

Upper Respiratory

Referring to the upper part of the respiratory system, including the nose, throat, and larynx.