Chapter Checkpoint
Study Plan Problems and Applications
Figure 1 shows the flows of income and expenditure in an economy. In 2013, U was $2 trillion, V was $1.5 trillion, W was $7 trillion, J was $1.5 trillion, and Z was zero. Calculate total income, net taxes, and GDP.
Figure 1
Use the following data to work Problems 2 and 3.
The national accounts of Parchment Paradise are kept on (you guessed it) parchment. A fire ...
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