GDP is $12 trillion in a closed economy. Consumption is $8 trillion, and government spending is $2 trillion. Taxes are $0.5 trillion. What is the government budget balance?

Question

19-01-2025
Social Studies

High School

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GDP is $12 trillion in a closed economy. Consumption is $8 trillion, and government spending is $2 trillion. Taxes are $0.5 trillion. What is the government budget balance?

Answer :

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anshumanaryan799 anshumanaryan799 · Answer 1 · 2023-12-09T18:10:13-05:00

Gdp is $12 trillion in a closed economy. Consumption is $8 trillion, and government spending is $2 trillion. Taxes are $0. 5 trillion, then the government budget balance is $3.5 T as Y-C-T.

Gross domestic product( GDP) is a financial measure of the requested value of all the final goods and services produced and vented( not resold) in a specific time period by countries. Due to its complex and private nature, this measure is frequently revised before being considered a dependable index. GDP( nominal) per capita does not, still, reflect differences in the cost of living and the affectation rates of the countries; thus, using a base of GDP per capita at copping

Power equality( PPP) may be more useful when comparing living norms between nations, while nominal GDP is more useful comparing public husbandry on the transnational request.

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