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1. Increased savings will promote increased investment and economic growth. True or False? Explain. 2. Consider an economy with Cm = 0.9, the marginal tax

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1. Increased savings will promote increased investment and economic growth. True or False? Explain. 2. Consider an economy with Cm = 0.9, the marginal tax rate is 1/6, Co = 5, 1 = 10, G = 40. (Unit: billion USD). a. Define consumption function. b. Determine the equilibrium level of output. Is the budget balanced

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