Suppose real GDP is $6,182 billion, taxes collected by the government are $719 billion, government spending is $820 billion, and consumption spending is $4,478 billion. What is the value of national saving?

Suppose real GDP is $6,182 billion, taxes collected by the government are $719 billion, government spending is $820 billion, and consumption spending is $4,478 billion. What is the value of national saving?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Public Saving

Public saving deals with the amount which has been in excess after meeting all the obligatory expenses and investment of the government. Taxes are collected by the government to meet its day-to-day expenditures. The obligatory expenses include all those expenses which are mandatory for the government. It cannot be avoided as it is inevitable.

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Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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