Consider a closed economy without a government. If the GDP of the economy is $63,000 and the consumption in the economy is $45,000, the saving rate in the economy is ________. A) 16.86 percent B) 24 percent C) 28.57 percent D) 35.75 percent

Consider a closed economy without a government. If the GDP of the economy is $63,000 and the consumption in the economy is $45,000, the saving rate in the economy is ________. A) 16.86 percent B) 24 percent C) 28.57 percent D) 35.75 percent

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 3PA

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Question

1. Consider a closed economy without a government. If the GDP of the
economy is $63,000 and the consumption in the economy is $45,000, the
saving rate in the economy is ________.
A) 16.86 percent
B) 24 percent
C) 28.57 percent
D) 35.75 percent

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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