Please answer everything in the photo. Bottom question is asking if it is a deficit or surplus. The following table contains data for a hypothetical closed economy that uses the dollar as its currency.Suppose GDP in this country is $1,170 million. Enter the amount for government purchases.National Income AccountGovernment Purchases (G)Taxes minus Transfer Payments (T)Consumption (C)Investment (I)Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from thepreceding table.National Saving (S)Public Saving$=Value(Millions of dollars)Complete the following table by using national income accounting identities to calculate private and public saving. In your calculations, use data fromthe initial table.Private Savingmillionmillion390450420millionBased on your calculations, the government is running a budget The following table contains data for a hypothetical closed economy that uses the dollar as its currency.Suppose GDP in this country is $1,170 million. Enter the amount for government purchases.National Income AccountGovernment Purchases (G)Taxes minus Transfer Payments (T)Consumption (C)Investment (I)Private SavingPublic SavingComplete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from thepreceding table.National Saving (S)$PY-T-IComplete the following table by using national income accounting identities to calculate private and public saving. In your calculations, use data fromthe initial table.Y-C-TT-GValue(Millions of dollars)C-Tmillionmillion390million450420Based on your calculations, the government is running a budget+

Budget surplus in economics refers to a situation where a government or a household's income exceeds…

The following table contains data for a hypothetical closed economy that uses the dollar as its cur Suppose GDP in this country is $1,170 million. Enter the amount for government purchases. National Income Account Government Purchases (G) Taxes minus Transfer Payments (T) Consumption (C) Investment (I) Value (Millions of dollars) $ 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) 390 450 420 million

The following table contains data for a hypothetical closed economy that uses the dollar as its cur Suppose GDP in this country is $1,170 million. Enter the amount for government purchases. National Income Account Government Purchases (G) Taxes minus Transfer Payments (T) Consumption (C) Investment (I) Value (Millions of dollars) $ 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) 390 450 420 million

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Please answer everything in the photo. Bottom question is asking if it is a deficit or surplus.

The following table contains data for a hypothetical closed economy that uses the dollar as its currency.
Suppose GDP in this country is $1,170 million. Enter the amount for government purchases.
National Income Account
Government Purchases (G)
Taxes minus Transfer Payments (T)
Consumption (C)
Investment (I)
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)
Public Saving
$
=
Value
(Millions of dollars)
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 Saving
million
million
390
450
420
million
Based on your calculations, the government is running a budget

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