A closed economy's ______ equals its ______.
A) consumption; income
B) consumption; expenditure on goods and services
C) expenditure on goods; expenditures on services
D) income; expenditure on goods and services

Question

Quizplus · Accepted Answer

In a closed economy, income earned by individuals is either consumed or saved. Therefore, the total income of the economy is equal to the total expenditure on goods and services produced within that economy. This makes option D the correct answer as income equals expenditure on goods and services.

A Closed Economy's ______ Equals Its ______

A Closed Economy's Equals Its