An economy has the following data: real GDP $5,384 billion taxes collected by the government $519...
An economy has the following data:
real GDP $5,384 billion
taxes collected by the government $519 billion
government spending $684 billion
consumption spending $3,782 billion.
If this is a closed economy, what is the value of investment spending?
Homework Answers
Real GDP = consumption + investment + government spedning - taxes (since next exports = 0 in a closed economy)
=> 5384 = 3782 + investment + 684 - 519
=> investment = 5384 + 519 - 3782 - 684
= $1437 billion
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