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27 March, 12:58

Suppose GDP in this country is $1,680 million. Enter the amount for government purchases.

National Income Account Value (Millions of dollars)

Government Purchases (G)

Taxes minus Transfer Payments (T) 360

Consumption (C) 1,000

Investment (I) 280

Complete the following table by using nationa income accounting identtes to nationa saving, in you calculacons use aita mom the preceding table. cakulate National saving (S) million

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  1. 27 March, 14:34
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    G = 400

    S = 280

    Explanation:

    Giving the following information:

    GDP in this country is $1,680 million.

    National Income Account Value (Millions of dollars)

    Government Purchases (G) = ?

    Taxes minus Transfer Payments (T) = 360

    Consumption (C) = 1,000

    Investment (I) = 280

    The formula to calculate GDP is:

    GDP=C+I+G+/-NX

    GDP = C+I+G

    1680 = 1000 + 280 + G

    G = 1680 - 1000 - 280 = 400

    Savings = (Y-T-C) + (T-G)

    S = (1680 - 360 - 1000) + (360 - 400)

    S = 280
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