Suppose that in a closed economy, GDP is $12 trillion, consumption is $6 trillion, taxes are $4 trillion, and the government runs a -$3 trillion budget. Based on this information:

1. Public saving is equal to $_ trillion.
2. Public saving is $ trillion.
3. National saving is $__ trillion.

Question

11-05-2025
Business

High School

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Suppose that in a closed economy, GDP is $12 trillion, consumption is $6 trillion, taxes are $4 trillion, and the government runs a -$3 trillion budget. Based on this information:

1. Public saving is equal to $_ trillion.
2. Public saving is $ trillion.
3. National saving is $__ trillion.

Answer :

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AugustBridge AugustBridge · Answer 1 · 2024-03-05T00:18:13-05:00

In a closed economy with specific GDP, consumption, taxes, and government budget, public saving is $1 trillion, private saving is $6 trillion, and national saving is $7 trillion.

Public saving is equal to government revenue minus government expenditure, which in this case is $4 trillion - $3 trillion = $1 trillion.

Private saving is equal to disposable income minus consumption, which in this case is $12 trillion - $6 trillion = $6 trillion.

National saving is the sum of public and private saving, so in this case, it is $1 trillion + $6 trillion = $7 trillion.

Correct question:

Suppose that in a closed economy GDP is $12 trillion, consumption is $6 trillion, taxes are $4 trillion and the government runs a $-3 trillion budget. based on this information, public saving is equal to $___ trillion, private saving is $________ trillion, and national saving is $ ______ trillion.