The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $1,540 million. Enter the amount for government purchases.National Income AccountValue(Millions of dollars)Government Purchases (GG) Taxes minus Transfer Payments (TT)455Consumption (CC)700Investment (II)490 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) = = (y-t-g, g-t, y-c, y-c-g) = = (C,G,Y,I) $ ______million

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Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter19: The Keynesian Model In Action

Section: Chapter Questions

Problem 3SQ

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

Suppose GDP in this country is $1,540 million. Enter the amount for government purchases.

National Income Account	Value
(Millions of dollars)
Government Purchases (GG)
Taxes minus Transfer Payments (TT)	455
Consumption (CC)	700
Investment (II)	490

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)	= =	(y-t-g, g-t, y-c, y-c-g)
	= =	(C,G,Y,I)
		$ ______million

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