Thank you for visiting 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. 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 :
Government spending is more significant than government income from taxes, so there is the budget deficit is a deficit Consumption of $1.5 trillion.
Private Saving = Y - Taxes - Consumption = $ 12 trillion - 0.5 trillion - 8 trillion
$ 3.5 trillion.
Since government spending is greater than government income from taxes, there is a budget deficit.
Budget deficit = Government spending - Government taxes = $ 2 trillion - 0.5 trillion = $ 1.5 trillion
a deficit of $1.5 trillion
National Saving = Private Saving + Public Saving = $ 3.5 trillion - $ 1.5 trillion = $ 2 trillion
$2 trillion
Y = C + I + G
12 trillion = 8 trillion - 0.5 trillion + I + 2 trillion
4.5 trillion - 2 trillion = I
Investment = $ 2.5 trillion
Although consumption can be defined in a variety of ways, the final purchase of goods and services by individuals serves as the best definition. The term "consumption" became popular in the 19th century due to the belief that the disease was consuming the patient due to weight loss and the TB-related so-called "withering away."
Human consumption includes drinking, cooking, cleaning up after meals, bathing, showering, washing hands, brushing teeth, and keeping good dental hygiene. consumption is the act or activity of eating and using resources. use or exposure to a specific audience or group the paper was not meant to be read by the general population.
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