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In an open economy, the GDP is $12 trillion this year. Consumption is $8 trillion, and government spending is $2 trillion. Taxes are $0.5 trillion. Exports are $1 trillion, and imports are $3 trillion.

Reference: Ref 10-2 (Scenario: Open Economy)

Answer :

In an open economy the GDP is $12 trillion this year and consumption is $8 trillion, and government spending is $2 trillion. Taxes are $0.5 trillion and exports are $1 trillion, and imports are $3 trillion. private savings will be $3.5 trillion (GDP=C+S+T).

The economy of a region is the ability to create, exchange, and consume goods and services. Broadly speaking, it is described as a social field that emphasizes the practices, discourses, and material manifestations related to the production, use, and management of scarce resources.

A particular economy is a set of processes that, among other things, take into account culture, values, education, technological developments, history, social organization, political structure, legal system and natural resources. These factors provide context and content, and establish the parameters and conditions under which an economy operates.

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