Suppose a closed economy generates $2800 output and income in equilibrium. Suppose also that the government spends 350 and imposes a lump-sum tax of 50. By how much is the government in deficit? (round your answer to the nearest whole value)
Suppose a closed economy generates $2800 output and income in equilibrium. Suppose also that the government spends 350 and imposes a lump-sum tax of 50. By how much is the government in deficit? (round your answer to the nearest whole value)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose a closed economy generates $2800 output and income in equilibrium. Suppose also that the government spends 350 and imposes a lump-sum tax of 50.
By how much is the government in deficit?
(round your answer to the nearest whole value)
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