Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table. National Saving (S)National Saving (S)= = %3D million Complete the following table by using national income accounting identities to calculate private and public saving. In your calculations, use data from the initial table.
Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table. National Saving (S)National Saving (S)= = %3D million Complete the following table by using national income accounting identities to calculate private and public saving. In your calculations, use data from the initial table.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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![2. Saving and investment in the national income accounts
The following table contains data for a hypothetical closed economy that uses the dollar as its
currency.
Suppose GDP in this country is $1,330 million. Enter the amount for government purchases.
Value
National Income Account
(Millions of dollars)
Government Purchases (GG)
Taxes minus Transfer Payments (TT) 455
Consumption (CC)
700
Investment (I)
280
Complete the following table by using national income accounting identities to calculate
national saving. In your calculations, use data from the preceding table.
National Saving (S)National Saving (S) = =
million
Complete the following table by using national income accounting identities to calculate
private and public saving. In your calculations, use data from the initial table.
Private SavingPrivate Saving = =
== million
Public SavingPubllic Saving
= = million
Based on your calculations, the government is runninga budget](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F79419b7d-0c68-4572-b47d-481e3618607d%2F84b945fd-4b4f-4590-95e4-9f1984f069df%2Fqnivcnd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Saving and investment in the national income accounts
The following table contains data for a hypothetical closed economy that uses the dollar as its
currency.
Suppose GDP in this country is $1,330 million. Enter the amount for government purchases.
Value
National Income Account
(Millions of dollars)
Government Purchases (GG)
Taxes minus Transfer Payments (TT) 455
Consumption (CC)
700
Investment (I)
280
Complete the following table by using national income accounting identities to calculate
national saving. In your calculations, use data from the preceding table.
National Saving (S)National Saving (S) = =
million
Complete the following table by using national income accounting identities to calculate
private and public saving. In your calculations, use data from the initial table.
Private SavingPrivate Saving = =
== million
Public SavingPubllic Saving
= = million
Based on your calculations, the government is runninga budget
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