Consider the following hypothetical open economy. According to the expenditure approach, for this economy, Y = C + I + G + NX. Additionally, for the year 2020 the economy is characterized as follows: National saving is 30 percent of GDP Investment is 20 percent of GDP Net capital outflow 1 trillion dollars In this economy in 2020, what is the level of GDP or Y? Please report your answer in trillions of dollars.
Consider the following hypothetical open economy. According to the expenditure approach, for this economy, Y = C + I + G + NX. Additionally, for the year 2020 the economy is characterized as follows: National saving is 30 percent of GDP Investment is 20 percent of GDP Net capital outflow 1 trillion dollars In this economy in 2020, what is the level of GDP or Y? Please report your answer in trillions of dollars.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the following hypothetical open economy. According to the expenditure approach, for this economy, Y = C + I + G + NX. Additionally, for the year 2020 the economy is characterized as follows:
- National saving is 30 percent of
GDP - Investment is 20 percent of GDP
- Net capital outflow 1 trillion dollars
In this economy in 2020, what is the level of GDP or Y? Please report your answer in trillions of dollars.
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