Question: In a closed economy, what does the difference between the tax revenue and government purchases, (T-G), represent?

In a closed economy, what does the difference between the tax revenue 

In a closed economy, what does the difference between the tax revenue and government purchases, (T-G), represent?

Step by Step Solution

3.37 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

In a closed economy the governments budget surplus or deficit is shown as the difference between tax ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!