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17 October, 20:57

Supposed that in a closed economy GDP is equal to 11,000, taxes are equal to 1,500, consumption equals 7,500 and government purchases equal 2,000. What is national saving

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  1. 17 October, 21:49
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    Answer: National Saving = 1500

    Explanation:

    Given that,

    Y (Income) = GDP = 11,000

    Taxes = 1500

    Consumption = 7500

    Government Purchases = 2000

    National saving is the sum of two components that are public savings and private savings.

    National Saving = GDP - Consumption - Government Purchases

    = 11000 - 7500 - 2000

    = 1500

    ∴ The national saving in a closed economy is 1500.
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