Suppose GDP in this country is $1,540 million. Enter the amount for government purchases. National Income Account Value (Millions of dollars) Government Purchases (GG) Taxes minus Transfer Payments (TT) 455 Consumption (CC) 700 Investment (II) 490 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 = = (t-g, y-t-i, c-t,y-c-t) = = million Public SavingPublic Saving = = (t-g, y-t-i, c-t, y-c-t) = = million Based on your calculations, the government is running a budget (surplus, deficit)
Suppose GDP in this country is $1,540 million. Enter the amount for government purchases. National Income Account Value (Millions of dollars) Government Purchases (GG) Taxes minus Transfer Payments (TT) 455 Consumption (CC) 700 Investment (II) 490 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 = = (t-g, y-t-i, c-t,y-c-t) = = million Public SavingPublic Saving = = (t-g, y-t-i, c-t, y-c-t) = = million Based on your calculations, the government is running a budget (surplus, deficit)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Suppose GDP in this country is $1,540 million. Enter the amount for government purchases.
|
|
Value
|
|---|---|
|
(Millions of dollars)
|
|
| Government Purchases (GG) |
|
| Taxes minus Transfer Payments (TT) | 455 |
| Consumption (CC) | 700 |
| Investment (II) | 490 |
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 | = = | (t-g, y-t-i, c-t,y-c-t) |
| = = |
|
| Public SavingPublic Saving | = = | (t-g, y-t-i, c-t, y-c-t) |
| = = |
|
Based on your calculations, the government is running a budget (surplus, deficit) .
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