Thank you for visiting Suppose that in a closed economy the GDP is 13 3 trillion consumption is 6 7 trillion taxes are 4 5 trillion transfers are 2. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
The value of public savings can be calculated by subtracting government expenditures from government revenues. In this case, government revenues consist of taxes and transfers, while government expenditures consist of the budget surplus.
To find the value of public savings, follow these steps:
1. Add taxes and transfers:
Taxes = $4.5 trillion
Transfers = $2 trillion
Total government revenues = Taxes + Transfers = $4.5 trillion + $2 trillion = $6.5 trillion
2. Subtract the budget surplus (government expenditures) from total government revenues:
Budget surplus = $1.8 trillion
Public savings = Total government revenues - Budget surplus = $6.5 trillion - $1.8 trillion = $4.7 trillion
Therefore, the value of public savings based on the given information is $4.7 trillion.
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