The following table contains data for a hypothetical closed economy that uses thedollar as its currency.ValueNational Income Account(Millions of dollars)Government Purchases (G)100Taxes minus Transfer Payments (T)90Consumption (C)250120Investment (I)National Saving in this economy is○ a. $560 millionOb. $470 millionO c. $120 millionOd. $90 million

National saving(S) in a closed economy refers to the total amount of income(Y) that households,…

National Income Account Government Purchases (G) Taxes minus Transfer Payments (T) Consumption (C) Investment (I) National Saving in this economy is $560 million Value (Millions of dollars) 100 90 250 120

National Income Account Government Purchases (G) Taxes minus Transfer Payments (T) Consumption (C) Investment (I) National Saving in this economy is $560 million Value (Millions of dollars) 100 90 250 120

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: Six Debates Over Macroeconomic Policy

Section: Chapter Questions

Problem 8PA

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Question

The following table contains data for a hypothetical closed economy that uses the
dollar as its currency.
Value
National Income Account
(Millions of dollars)
Government Purchases (G)
100
Taxes minus Transfer Payments (T)
90
Consumption (C)
250
120
Investment (I)
National Saving in this economy is
○ a. $560 million
Ob. $470 million
O c. $120 million
Od. $90 million

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