Assume that Y denotes gross domestic product, T denotes the net tax revenue of the government, and C denotes total consumption spending. If the consumption function is C = 500 + 0.5(Y – T), and Y is 6,000 and T is given by T = 200 + 0.2Y, then C equals: a) 2500 b) 2800 c) 3500 d) 4200
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