Question

started: jan 11 at 8:46pm
quiz instructions
there are about 90 multiple choice questions and some short essay questions at the end. you have 140 minutes to complete the exam. once you start you cannot stop and come back to the exam.
if the answer says: \all of the above,\ it means all of the answers listed, not just the ones above that answer.
if the answer says:
one of the above,\ it means none of the answers listed here, not just the ones above that answer.

question 11
1 pts
suppose that in a closed economy gdp is equal to 11,000, taxes are equal to 1,000, consumption equals 7,500, and government purchases equal 2,000. what is national saving?
500
2,000
none of the above is correct.
-500

Explanation:

Step1: Recall national saving formula

For a closed economy, national saving $S = Y - C - G$, where $Y$ is GDP, $C$ is consumption, $G$ is government purchases.

Step2: Plug in given values

Substitute $Y=11000$, $C=7500$, $G=2000$
$S = 11000 - 7500 - 2000$

Step3: Calculate the result

$S = 1500$

Answer:

None of the above is correct.