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

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

 Suppose GDP in this country is $800 million. Enter the amount for government purchases.

National Income Account Value (Millions of dollars)

Government Purchases (G) x=?

Taxes minus Transfer Payments (T) 260

Consumption (C) 300

Investment (I) 300

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) = multiple choice (Y-C-G or G-T or Y-C or Y-T-G)

= (C or G or I or Y)

 =      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 = (T-G or Y-C-T or Y-T-I or C-T)

 =  million 

Public Saving = (C-T or Y-C-T or Y-T-I or T-G)

 =  million 

Based on your calculations, the government is running a budget (SURPLUS OR DEFEICIT).