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For a Closed Economy, GDP Is $11 Trillion, Consumption Is

Question 52

Multiple Choice

For a closed economy, GDP is $11 trillion, consumption is $7 trillion, taxes are $3 trillion and the government runs a surplus of $1 trillion. What are private saving and national saving?


A) $4 trillion and $1 trillion, respectively
B) $4 trillion and $5 trillion, respectively
C) $1 trillion and $2 trillion, respectively
D) $1 trillion and $1 trillion, respectively

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