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Assume the following for our one person Robinson Crusoe economy? Output: 10 fish Income:10 fish Consumption: 12 fish A) What is national savings defined as
Assume the following for our one person "Robinson Crusoe" economy? Output: 10 fish Income:10 fish Consumption: 12 fish A) What is national savings defined as income less consumption? B) Is the nation (i.e., Robinson) running a trade deficit or surplus? C) What do these numbers tell you about the cause of a trade deficit?
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