Answer :
Answer: CONSUMPTION SPENDING = $730 Billion
PRIVATE SAVING = $300 Billion
PUBLIC SAVING = -$50 Billion
NATIONAL SAVING = $250 Billion
Explanation:
The missing figures are the Consumption Spending, Private Saving, Public saving and National Saving.
This is a closed economy so no imports.
Consumption Spending.
The Formula for GDP is
Y = C + I + G
Y is income
C is Consumption
I is Investment
G is Government Spending.
Making C the subject we have,
C = Y - I - G
= 1,200 - 220 - 250
= $730 billion
Private Saving is what people are left with after taxes and Consumption so,
= Y - T - C
= 1,200 - 170 - 730
= $300 billion
Public Saving is how much the Government spent vs what it received.
The formula would therefore be
= Taxes - Government Spending
= 170 - 220
= -$50 billion
National Saving is the amount in the Economy that was saved after accounting for Consumption and Government Spending.
= Y - C - G
= 1,200 - 730 - 220
= $250 billion
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Consumption spending = $730 Billion, Private savings = $300 Billion , Public savings = -$50 Billion, National savings = $250 Billion
The Formula for GDP is Y = C + I + G where Y is income, C is Consumption, I is Investment and G is Government Spending.
- Making C the subject we have C = Y - I - G
Consumption spending = 1,200 - 220 - 250
Consumption spending = $730 billion
- Private Saving refers to what people are left with after taxes and Consumption.
Private Saving = Y - T - C
Private Saving = 1,200 - 170 - 730
Private Saving = $300 billion
Public Saving = Taxes - Government Spending
Public Saving = 170 - 220
Public Saving = -$50 billion
- National Saving refers to the amount that was saved after Consumption and Government Spending.
National Saving = Y - C - G
National Saving = 1,200 - 730 - 220
National Saving = $250 billion
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