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Homework answers / question archive / For an imaginary closed economy, T = $5,000; S = $11,000; C = $50,000; and the government is running a budget deficit of $1,000

For an imaginary closed economy, T = $5,000; S = $11,000; C = $50,000; and the government is running a budget deficit of $1,000

Economics

For an imaginary closed economy, T = $5,000; S = $11,000; C = $50,000; and the government is running a budget deficit of $1,000. Then:

  1. what’s the private saving
  2. What's the GDP(Y)?

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Private Saving = saving + government deficit

Private Saving= $11000 + $1000

Private saving = $12000

GDP(Y) = Tax + consumption + saving + Government deficit

GDP (Y) = $5000 + $50000 + $11000 + $1000

GDP (Y) = $67000

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