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Suppose you are given the following information about a closed economy: Real GDP is 500,000, Consumer spending is 300,000, Government spending is 300,000. What is
Suppose you are given the following information about a closed economy: Real GDP is 500,000, Consumer spending is 300,000, Government spending is 300,000. What is the tax rate in this economy? How much was the fiscal deficit? Does this country seem like a developing or advanced economy? Explain. USE YOUR OWN WORDS
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