In a closed economy, public saving is equal to which of the following? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) Y - C - T + TR B) Y - G - T C) T - G - TR D) Y - C - T
Scenario 21-1
Consider the following data for a closed economy:
Y = 12 trillion
C = 8 trillion
I = 2 trillion
G = 2 trillion
TR = 2 trillion
T = 3 trillion
Question 2
The U.S. work week has declined from 60 hours in 1890 to 40 hours today. The impact of the decline in working hours
A) increases U.S. GDP and increases the well-being of a typical working person in the U.S.
B) increases U.S. GDP and decreases the well-being of a typical working person in the U.S.
C) decreases U.S. GDP and decreases the well-being of a typical working person in the U.S.
D) decreases U.S. GDP and increases the well-being of a typical working person in the U.S.
World fossil fuel consumption since 1950
Relative Energy Consumption per Person for Selected Countries
Creating a Continental Economy
North America and the Global Economy
Links to the World Economy
Gate control theory. A. open gate, B. closed gate