Thank you for visiting In an open economy GDP is 12 trillion this year Consumption is 8 trillion and government spending is 2 trillion Taxes are 0 5 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 :
Answer: Private savings is $3.5 trillion
Explanation:
Private saving firstly is the amount that households are left over with after paying their taxes and consumption spending.
therefore we will use the formula private savings = Y-C-T, in which Y is the economies GDP, C is consumption in the economy, T is the Taxes paid by the households to government.
now we substitute these values on the above mentioned formula:
Private savings = $12 trillion - $8trillion -$0.5 trillion
=$ 3.5 trillion therefore private savings is $3.5 trillion.
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Rewritten by : Jeany
