Thank you for visiting Suppose that in a closed economy GDP is 14 19 trillion consumption is 6 82 trillion taxes are 4 26 trillion transfers are 1 20. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Final answer:
The total amount of savings in the economy is $7.37 trillion.
Explanation:
Gross Domestic Product (GDP) is calculated by adding consumption, investment, government spending, and net exports (exports - imports). In this case, we are given the GDP as $14.19 trillion and consumption as $6.82 trillion. To find the total amount of savings in the economy, we need to subtract consumption from GDP. Therefore, the total amount of savings in the economy is $14.19 trillion - $6.82 trillion = $7.37 trillion.
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Thank you for reading the article Suppose that in a closed economy GDP is 14 19 trillion consumption is 6 82 trillion taxes are 4 26 trillion transfers are 1 20. We hope the information provided is useful and helps you understand this topic better. Feel free to explore more helpful content on our website!
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