If an Economy Is Closed and If It Has No

question 611

Multiple Choice

If an economy is closed and if it has no government, then

• A)national saving = private saving.
• B)total income = consumption + investment.
• C)saving = total income - consumption.
• D)All of the above are correct.

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Definitions:

Kitchen Salaries

The total amount of wages paid to employees working in a kitchen over a specific period.

Federal Income Tax

A tax levied by the U.S. government on the annual earnings of individuals, corporations, trusts, and other legal entities.

FICA Taxes

Federal Insurance Contributions Act taxes, which fund Social Security and Medicare, required deductions from employees' paychecks and matched by employers.

FICA Taxes

Federal taxes in the United States that fund Social Security and Medicare, required to be withheld from an employee's paycheck.