1. Saving and investment in the national income accountsThe following table contains data for a hypothetical closed economy that uses the dollar as its currency.Suppose GDP in this country is $1,680 million. Enter the amount for government purchases.ValueNational Income Account(Millions of dollars)Government Purchases (G)Taxes minus Transfer Payments (T)360Consumption (C)1,000Investment (I)280Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from thepreceding table.WNational Saving (S)million$ Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from thepreceding table.National Saving (S)$millionComplete the following table by using national income accounting identities to calculate private and public saving. In your calculations, use data fromthe initial table.Private Saving =millionPublic Saving$millionBased on your calculations, the government is running a budget

Note: We will answer the first question as the exact one was not specified. Please resubmit a new…

The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $1,680 million. Enter the amount for government purchases. Value National Income Account (Millions of dollars) Government Purchases (G) Taxes minus Transfer Payments (T) 360 Consumption (C) 1,000 Investment (I) 280