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.
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A: Answer in step 2.
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A: Formula:
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Q: 1. Suppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is $0.5 trillion, and public…
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Q: One last time, please consider a closed economy with the following information: • Economic…
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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.Suppose GDP is $8 trillion, taxes are $1.5 trillion,private saving is $0.5 trillion, and public savingis $0.2 trillion. Assuming this economy is closed,calculate consumption, government purchases,national saving, and investment.Suppose GDP is 10.3 trillion, taxes are 1.8 trillion, private saving is 1.2 trillion and public saving is 0.2 trillion. Assuming this economy is closed, calculate: consumption, government purchases, national saving and investment.
- Suppose GDP is $9 trillion, taxes are $1.9 trillion, private saving is $0.6 trillion, and public saving is $0.3 trillion. Assuming the economy is closed, complete the following table by calculating consumption, government purchases, national saving, and investment. Component Consumption Government Purchases National Saving Investment Amount (Trillions of dollars)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?Suppose GDP is $12 trillion, taxes are $3.6 trillion, private saving is $1.5 trillion, and public saving is $0.8 trillion. Assuming the economy is closed, complete the following table by calculating consumption, government purchases, national saving, and investment. Amount Component (Trillions of dollars) Consumption Government Purchases National Saving Investment Grade It Now Save & Continue Continue without saving
- 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.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.[Suppose that GDP is $8 billion, taxes are $1.5 billion, private saving is $0.5 billion, and public saving is 0.2 billion. Assuming the economy is closed, calculate the size of: (i) Consumption (ii) Investment (iii) Government Spending (iv) National Savings Preferably no handwriting please. I have a hard time understanding. Grateful for your understanding.
- The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $900 million. Enter the amount for consumption. National Income Account Government Purchases (G) Taxes minus Transfer Payments (T) Consumption (C) Investment (I) Value (Millions of dollars) 250 325 275 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) millionFor a closed economy, GDP is $18 trillion, consumption is $13 trillion, taxes are $2 trillion and the government runs a deficit of $1 trillion. What are private saving and national saving?Country A does not trade with any other country. Its GDP is $30 billion. Its government purchases $5 billion worth of goods and services each year, and collects $7 billion in taxes. Private saving in Country A is $5 billion. What is consumption and investment? a. $18 billion and $7 billion b.$13 billion and $7 billion c. $23 billion and $2 billion d.There is not enough information to answer the question.