A closed economy does not engage in international trade, therefore
a. national saving is less than investment (S < I).
b. net exports (NX) are zero.
c. Y - C - G > I.
d. national saving is zero.
b
Economics
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The growth rate of real GDP per person in the United States has
A) averaged approximately 2 percent per year over the past century. B) has consistently been 2 percent per decade over the past century. C) has been the highest in the world over the past 5 decades. D) has increased every year over the past century.
Economics
The equation of exchange states that the price level is equal to
A) the quantity of money. B) velocity of circulation multiplied by the quantity of money divided by real GDP. C) real GDP multiplied by the velocity of circulation divided by nominal GDP. D) the velocity of circulation.
Economics