Suppose that in a closed economy GDP is 11,000, consumption is 7,500, and taxes are 500 . What value of government purchases would make national savings equal to 2,000 and at that value would the government have a deficit or surplus?
a. 1,500, deficit
b. 1,500, surplus
c. 1,000, deficit
d. 1,000, surplus
a
Economics
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The efficient quantity of a public good is the quantity that has the highest possible marginal social benefit
Indicate whether the statement is true or false
Economics
The President receives economic policy advice from economists at each of the following except
a. the Council of Economic Advisors. b. the Department of the Treasury. c. the Congressional Budget office. d. the Department of Labor.
Economics