For a closed economy, GDP is $18 trillion, consumption is $13 trillion, taxes are $2 trillion and the government runs a deficit of $1 trillion. What are private saving and national saving?
a. $3 trillion and $1 trillion, respectively
b. $3 trillion and $2 trillion, respectively
c. $2 trillion and $3 trillion, respectively
d. $2 trillion and $2 trillion, respectively
b
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A bank is in the position to make loans when required reserves
A. are less than actual reserves. B. are greater than actual reserves. C. equal actual reserves. D. equal excess reserves.
In present value, if 140 delayed utils are only worth 70 utils now, the discount weight must be equal to ________
A) 1/2 B) 1/8 C) 1 D) 2
In the above figure, at a wage rate of $20 per hour
A) there is a shortage of labor. B) there is a surplus of labor. C) the labor supply curve will shift rightward. D) the labor demand curve will shift rightward.
Your text mentions several ways that international trade flows are qualitatively different than they were a century ago. Which of the following is NOT one of those ways?
A) Manufactured goods are more important than the were in the past. B) Firms' investment spending on capital goods is more important than in the past. C) International trade in raw commodities and agricultural products is more important than it was in the past. D) It is possible to trade some types of services in a way that was not possible in the past. E) Multinational corporations play a bigger role in production than they did in the past.