The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $950 million. Enter the amount for government purchases. National Income Account Government Purchases (G) Taxes minus Transfer Payments (T) Consumption (C) Investment (1) National Saving (S) = Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table. Private Saving = = = 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. million 325 500 200 million

The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $950 million. Enter the amount for government purchases. National Income Account Government Purchases (G) Taxes minus Transfer Payments (T) Consumption (C) Investment (1) National Saving (S) = Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table. Private Saving = = = 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. million 325 500 200 million

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter14: Investment, The Capital Market, And The Wealth Of Nations

Section: Chapter Questions

Problem 11CQ

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Question

Based on your calculations, the government is running a budget surplus or or deficit?

The following table contains data for a hypothetical closed economy that uses the dollar as its currency.
Suppose GDP in this country is $950 million. Enter the amount for government purchases.
National Income Account
Government Purchases (G)
Taxes minus Transfer Payments (T)
Consumption (C)
Investment (I)
National Saving (S)
Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the
preceding table.
Private Saving =
Public Saving
=
=
II
=
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.
Value
(Millions of dollars)
million
million
325
500
200
million

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Step 3: Calculate National savings

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Step 4: Calculate Private saving

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Step 5: Calculate Public savings

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Step 6: Explain budget surplus or or deficit?

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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 $1,540 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 national saving. In your calculations, use data from the preceding table. National Saving (S)National Saving (S) = = (y-t-g, g-t, y-c, y-c-g) = = (C,G,Y,I) $ ______million
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Please answer everything in the photo. Bottom question is asking if it is a deficit or surplus.
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