ItemsAmount(in billions $)Total Federal and State TaxGov't purchase of goods and servicesPersonal Income2156252,40030Purchases of stocks and bondsPlanned domestic investment175Personal income taxesChanges in Corporate inventory (unplanned domesticinvestment)400140Sales of secondhand items8.Net exports of goods and servicesPersonal consumption expenditure-51,750(a) Assuming the U.S economy is closed, calculate the values of:i.Personal disposable (net) incomeii.GDPiii.Total Savings(b) Assuming the U.S economy is open, calculate the values of:Personal disposable (net) incomeii.Total savingsi.GDP111.(c) Calculate the personal disposable income and the U.S government surplus or defici

Considering a closed economy meaning economy is not open to foreign trade. Personal Disposable (net)…

Answered: the Valuc Personal disposable (net)…

the Valuc Personal disposable (net) income ii. GDP Total Savings i. iii. p) Assuming the U.S economy is open, calculate the values c i. Personal disposable (net) income GDP 11. i. Total savings

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 6P

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Question

Items
Amount
(in billions $)
Total Federal and State Tax
Gov't purchase of goods and services
Personal Income
215
625
2,400
30
Purchases of stocks and bonds
Planned domestic investment
175
Personal income taxes
Changes in Corporate inventory (unplanned domestic
investment)
400
140
Sales of secondhand items
8.
Net exports of goods and services
Personal consumption expenditure
-5
1,750
(a) Assuming the U.S economy is closed, calculate the values of:
i.
Personal disposable (net) income
ii.
GDP
iii.
Total Savings
(b) Assuming the U.S economy is open, calculate the values of:
Personal disposable (net) income
ii.
Total savings
i.
GDP
111.
(c) Calculate the personal disposable income and the U.S government surplus or defici

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