Question

Please help me i posted this questions 4 times and they send me a link in answers !!!!!!!!!!! i lost lot of points because of that ..............((

For a closed economy, GDP is $13 trillion, consumption is $9 trillion, taxes are $4 trillion and the government runs a surplus of $1 trillion. What is national saving?
a.$1 trillion
b.$5 trillion
c.$2 trillion
d.$3 trillion


In the economy of Russia in 2020, consumption was $3500, exports were $200, GDP was $7200, government purchases were $2500, and investment was $2,000. What were Russia’s imports in 2020?
a.$14,400
b.$800
c.$8200
d.$1,000


Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 3,500 consumption equals 6,000 and government purchases equal 2,000. What are private saving, public saving, and national saving?
a.2,500, 1,000, and 1,500, respectively
b.2,000, 2,000, and 1,500, respectively
c.2,000, 500, and 1,500, respectively

Answer 1

Answer:

Private saving = $3 trillion

National Saving = $2 trillion

Explanation:

Private saving = GDP - Taxes - Consumption + Transfer payments

Private saving = $18 trillion - $2 trillion - $13 trillion + 0

Private saving = $3 trillion

Government runs a deficit of $1 trillion means its spending is $1 trillion more than the tax revenue.

So, National Saving = Private saving + Public saving

National Saving = $3 trillion + ($2 trillion - $3 trillion)

National Saving = $3 trillion + (-$1 trillion)

National Saving = $2 trillion