The figure shows the flows of expenditure and income on Big Foot Island. In 2016, W was $56 billion; V was $20 billion; U was $15 billion; J was $25 billion; and Z was $2 billion. Calculate total expenditure and total taxes. 1- Total income is $…. billion. 2- Net taxes equal $… billion.
The figure shows the flows of expenditure and income on Big Foot Island. In 2016, W was $56 billion; V was $20 billion; U was $15 billion; J was $25 billion; and Z was $2 billion. Calculate total expenditure and total taxes. 1- Total income is $…. billion. 2- Net taxes equal $… billion.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The figure shows the flows of expenditure and income on Big Foot Island.
In 2016, W was $56 billion; V was $20 billion; U was $15 billion; J was $25 billion;
and Z was $2 billion.
Calculate total expenditure and total taxes.
1- Total income is $….
billion.
2- Net taxes equal $… billion.
Transcribed Image Text:HOUSEHOLDS
FINANCIAL
MARKETS
FACTOR
HARKETS
GOODS
MARKETS
REST
COVERNMENTS
OF
WORLD
FIRMS
tact
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