Suppose GDP is $9 trillion, taxes are $1.9 trillion, private saving is $0.6 trillion, and public saving is $0.3 trillion.Assuming the economy is closed, complete the following table by calculating consumption, government purchases, national saving, and investment.ComponentConsumptionGovernment PurchasesNational SavingInvestmentAmount(Trillions of dollars)

Given information: GDP = $9 trillion. Taxes = $1.9 trillion. Private savings = $0.6 trillion.…

Answered: Suppose GDP is $9 trillion, taxes are…

Suppose GDP is $9 trillion, taxes are $1.9 trillion, private saving is $0.6 trillion, and public saving is $0.3 trillion.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter8: Savings,investment And The Financial System

Section: Chapter Questions

Problem 4PA

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Question

Suppose GDP is $9 trillion, taxes are $1.9 trillion, private saving is $0.6 trillion, and public saving is $0.3 trillion.
Assuming the economy is closed, complete the following table by calculating consumption, government purchases, national saving, and investment.
Component
Consumption
Government Purchases
National Saving
Investment
Amount
(Trillions of dollars)

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