Thank you for visiting For a closed economy GDP is 177 trillion consumption is 79 trillion taxes are 10 trillion and the government runs a deficit of 8 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 national saving in this closed economy is $88 trillion.
In a closed economy, the national saving can be calculated by subtracting consumption and taxes from GDP.
GDP = $177 trillion
Consumption = $79 trillion
Taxes = $10 trillion
Deficit = $8 trillion
To find the national saving, we can use the equation:
National Saving = GDP - Consumption - Taxes
Substituting the given values, we have:
National Saving = $177 trillion - $79 trillion - $10 trillion
Simplifying the equation:
National Saving = $177 trillion - ($79 trillion + $10 trillion)
National Saving = $177 trillion - $89 trillion
Calculating the national saving:
National Saving = $88 trillion
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