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The first four questions are based on problem #4 at the end of Chapter 8, and are related to material that we covered last Friday.

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The first four questions are based on problem #4 at the end of Chapter 8, and are related to material that we covered last Friday. Suppose GDP is $8 trillion, net taxes (that is, taxes minus transfer payments) are $1.5 trillion, private saving is $0.5 trillion, and public saving is $0.2 trillion. Assume the economy is closed. What is consumption? ($ trillion, answer to one decimal place. ) Your

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