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 investment. National Income Account Value (Millions of dollars) Government Purchases (GG) 400 Taxes minus Transfer Payments (TT) 360 Consumption (CC) 1,000 Investment (II) 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)National Saving (S) = = = = 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 SavingPrivate Saving = = = = million Public SavingPublic Saving = = = = million Based on your calculations, the government is running a budget
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 investment. National Income Account Value (Millions of dollars) Government Purchases (GG) 400 Taxes minus Transfer Payments (TT) 360 Consumption (CC) 1,000 Investment (II) 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)National Saving (S) = = = = 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 SavingPrivate Saving = = = = million Public SavingPublic Saving = = = = million Based on your calculations, the government is running a budget
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 1.3P
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2. Saving and investment in the national income accounts
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 investment.
|
National Income Account
|
Value
|
|---|---|
|
(Millions of dollars)
|
|
| Government Purchases (GG) | 400 |
| Taxes minus Transfer Payments (TT) | 360 |
| Consumption (CC) | 1,000 |
| Investment (II) |
|
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)National Saving (S) | = = | |
| = = | ||
|
|
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 | = = | |
| = = |
|
| Public SavingPublic Saving | = = | |
| = = |
|
Based on your calculations, the government is running a budget .
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