The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $1,250 million. Enter the amount for investment. National Income Account Value (Millions of dollars) Government Purchases (GG) 250 Taxes minus Transfer Payments (TT) 300 Consumption (CC) 625 Investment (II) 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 SavingPublic Saving = = = = million Based 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 $1,250 million. Enter the amount for investment. National Income Account Value (Millions of dollars) Government Purchases (GG) 250 Taxes minus Transfer Payments (TT) 300 Consumption (CC) 625 Investment (II) 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 SavingPublic Saving = = = = million Based on your calculations, the government is running a budget
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following table contains data for a hypothetical closed economy that uses the dollar as its currency.
Suppose GDP in this country is $1,250 million. Enter the amount for investment.
|
Value
|
---|---|
(Millions of dollars)
|
|
Government Purchases (GG) | 250 |
Taxes minus Transfer Payments (TT) | 300 |
Consumption (CC) | 625 |
Investment (II) |
|
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) | = = | |
= = | ||
|
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 | = = | |
= = |
|
Public SavingPublic Saving | = = | |
= = |
|
Based on your calculations, the government is running a budget
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