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The following table contains data for a hypothetical closed economy that uses the dollar as its currency

Marketing

The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $1,330 million. Enter the amount for consumption.

 

National Income Account Value (Millions of dollars)
Government Purchases (G) 350
Taxes minus Transfer Payments (T) 455
Consumption (C)  
Investment (I) 280

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)=$ _____ million

Complete the following table by using national income accounting identities to calculate private and public savings. In your calculations, use data from the initial table

Private Saving =$ _____ million

Public Saving =$ _____ million

Based on your calculations, the Government is running a budget _____ (deficit/surplus)

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