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Complete the following table by using national income accounting identities to calculate national saving
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) = G-T, Y-T-G, Y-C-G, OR Y-C ?
= I, Y, C, OR G ?
= __________ 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 Saving = C-T, T-G, Y-T-I, OR Y-C-T?
= million ?
Public Saving = Y-T-I, C-T, Y-C-T, OR T-G?
= million ?
Based on your calculations, the government is running a budget: Deficit or Surplus?
Expert Solution
As You have not provided the table So, I have used the following table. In case you have any doubt you can ask me through comment box.
|
National Income Account |
Value |
|---|---|
|
(Millions of dollars) |
|
| Government Purchases (GG) | 200 |
| Taxes minus Transfer Payments (TT) | 260 |
| Consumption (CC) | 300 |
| Investment (I) |
Suppose GDP in this country is $780 million.
Investment (I) = GDP - C - G = 780-300-200 = $280 millions
Computation of National Savings:
National Savings = Y - C - G
= 780-300-200
National Savings = $280 millions
Computation of Private Savings and Public Savings:
Private Savings = Y - C - T
= 780-300-260
Private Savings = $220 millions
Public Savings = T - G
= 260-200
Public Savings = $60 millions
The government is running a budget SURPLUS.
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