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For an imaginary closed economy, T = $5,000; S = $11,000; C = $50,000; and the government is running a budget deficit of $1,000
For an imaginary closed economy, T = $5,000; S = $11,000; C = $50,000; and the government is running a budget deficit of $1,000. Then:
- what’s the private saving
- What's the GDP(Y)?
Expert Solution
Private Saving = saving + government deficit
Private Saving= $11000 + $1000
Private saving = $12000
GDP(Y) = Tax + consumption + saving + Government deficit
GDP (Y) = $5000 + $50000 + $11000 + $1000
GDP (Y) = $67000
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