Thank you for visiting Suppose that in a closed economy GDP is 13 3 trillion consumption is 6 7 trillion taxes are 4 5 trillion transfers are 2 trillion. 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 in this scenario is $2.70 trillion.
To calculate the value of public savings, we need to subtract government expenditures from government revenues. Government revenues consist of taxes and transfers, while government expenditures are the sum of transfers and the budget surplus (which represents negative government savings).
Government revenues = Taxes + Transfers = $4.5 trillion + $2 trillion = $6.5 trillion
Government expenditures = Transfers + Budget surplus = $2 trillion + $1.8 trillion = $3.8 trillion
Public savings = Government revenues - Government expenditures = $6.5 trillion - $3.8 trillion = $2.7 trillion
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