Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose that in a country, 70 % of all income the people receive is spent, and 30 % is saved. What is the total amount
Suppose that in a country,70% of all income the people receive is spent, and30% is saved. What is the total amount of spending generated in the long run by a47billion dollar tax rebate which is given to the country's citizens to stimulate the economy if saving habits do not change? NOTE: Include the government tax rebate as part of the total spending. (Write your answer in billions rounded to one decimal place)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started