Suppose GDP in this country is $480 million.  National Income Account Value (Millions of dollars) Government Purchases (GG) 150 Taxes minus Transfer Payments (TT) 180 Consumption (CC) 225 Investment (II) 105     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 SavingPrivate Saving  =       (YTI, TG, YCT)    =  =    ?million

ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 3.7P
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Suppose GDP in this country is $480 million. 
National Income Account
Value
(Millions of dollars)
Government Purchases (GG) 150
Taxes minus Transfer Payments (TT) 180
Consumption (CC)
225
Investment (II) 105
 
 
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 SavingPrivate Saving  =       (YTI, TG, YCT)
   =  = 
 
?million 
 
Public SavingPublic Saving  =  =    (CT, TG, YCT, YTI) 
   =  = 
 
$million 
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