Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 18, Problem 4PA
To determine
The consumption, government purchases, national savings and investment.
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Suppose GDP is $800 billion, taxes are $150 billion, private saving is $50 billion, and public saving is $20 billion. Assuming this economy is closed, calculate consumption, government purchases, national saving, and investment.
Consider an economy in which GDP is $8.2 trillion, public saving is -$0.2 trillion, taxes are $0.9 trillion, private saving is $3.0 trillion, export is $0.6 trillion, and import is $0.5 trillion.
Calculate government purchases.
Calculate national saving and investment.
Calculate consumption.
Suppose GDP is $8 trillion, taxes are $1.5 trillion, private savings is $0.5 trillion, and public savings is $0.2 trillion. Assuming this economy is closed, calculate consumption, government purchases, national saving and investment.
Chapter 18 Solutions
Essentials of Economics (MindTap Course List)
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- Suppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is $0.5 trillion, and public saving is $0.2 trillion. National savings?arrow_forwardSuppose in a closed economy GDP equals $15 trillion, consumption equals $7.5 trillion, the government spends $2.5 trillion and has a budget surplus of $900 billion. Then in the same year, the public saving in the U.S. equals $_______ trillion, Net Taxes equals $_______ trillion, Private Saving equals $_________ trillion, National Saving equals $________ trillion; last but not least, Investment equals to $______ trillion.arrow_forwardShow the solution. Suppose GDP equals $30 trillion, consumption equals $20 trillion, the government spends $4 trillion and has a budget deficit of $900 billion. Find: (1) Public saving, (2) Net taxes (3) Private saving (4) National savingarrow_forward
- Economics Suppose GDP is $10 trillion, taxes are $2.5 trillion, private saving is $1.5 trillion, and public saving is $0.5 trillion. Assuming this economy is closed; calculate consumption, government purchases, national saving, and investment.[arrow_forwardSuppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is $0.5 trillion, and public saving is $0.2 trillion. Consumption?arrow_forwardSuppose real GDP is $6,182 billion, taxes collected by the government are $719 billion, government spending is $820 billion, and consumption spending is $4,478 billion. What is the value of national saving?arrow_forward
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