The following table contains data for a hypothetical closed economy that uses the dollar as its currency.Suppose GDP in this country is $1,175 million. Enter the amount for government purchases.National Income AccountValueGovernment Purchases (GG) Taxes minus Transfer Payments (TT)225Consumption (CC)625Investment (II)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) = = $ 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 = = $ million Public Saving = = $ million Based on your calculations, the government is running a budget (a. surplus, b. deficit). 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) =Private Saving =Public Saving||Y-CComplete the following table y mg-hational income accounting identities to calculate private and public saving. In your calculations, use data fromthe initial table.=$Y-T-G$G-TY-C-GmillionmillionmillionBased 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 $1,175 million. Enter the amount for government purchases.National Income AccountGovernment Purchases (G)Taxes minus Transfer Payments (T)Consumption (C)Investment (I)Value(Millions of dollars)225625300

Here we are given various components of aggregate demand (like consumption demand, investment demand…

Answered: The following table contains data for a…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter13: Measuring The Economy's Performance

Section13.1: National Income Accounting

Problem 1R

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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 $1,175 million. Enter the amount for government purchases.

National Income Account	Value
Government Purchases (GG)
Taxes minus Transfer Payments (TT)	225
Consumption (CC)	625
Investment (II)	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)	=
	=
		$ 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	=
	=	$ million

Public Saving	=
	=	$ million

Based on your calculations, the government is running a budget (a. surplus, b. deficit).

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) =
Private Saving =
Public Saving
||
Y-C
Complete the following table y mg-hational income accounting identities to calculate private and public saving. In your calculations, use data from
the initial table.
=
$
Y-T-G
$
G-T
Y-C-G
million
million
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 $1,175 million. Enter the amount for government purchases.
National Income Account
Government Purchases (G)
Taxes minus Transfer Payments (T)
Consumption (C)
Investment (I)
Value
(Millions of dollars)
225
625
300

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