Suppose an economy’s national accounts are gnp = 100, c = 70, i = 40, g = 20 and ex = 20 where gnp is gross national product, c is consumption, i is investment, g is government spending, and ex is exports. using the national income identity, find the value of imports (im). what is the current account balance? what is the (economy-wide) savings rate (note: saving rate = s/y)? what would the government, private, and total savings rate be if the government reduced taxes t = 10 while the other variables remain unchanged?

John is a 45-year-old manager who enjoys playing basketball in his spare time with his teenage sons and their friends. at work he finds that he is better able to solve problems that come up because of his many years of experience, but while on the court, he finds he is not as good keeping track of the ball while worrying about the other players. john's experience is:

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

Which of the following would be an accurate statement about achieving a balanced budget