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Answer :
a) Consumption is $7.3 trillion.
b) Government purchases (G) are $1.3 trillion.
c) National saving is $0.7 trillion.
d) Investment is $7.3 trillion.
a) To determine consumption, we need to subtract both private saving and public saving from GDP. Given that private saving is $0.5 trillion and public saving is $0.2 trillion, we can calculate consumption as follows:
Consumption = GDP - Private Saving - Public Saving
Consumption = $8 trillion - $0.5 trillion - $0.2 trillion
Consumption = $7.3 trillion
Therefore, consumption is $7.3 trillion.
b) To find government purchases (G), we need to subtract public saving from net taxes. Since net taxes are given as $1.5 trillion and public saving is $0.2 trillion, we can calculate government purchases as follows:
G = Net Taxes - Public Saving
G = $1.5 trillion - $0.2 trillion
G = $1.3 trillion
Therefore, government purchases are $1.3 trillion.
c) National saving is the sum of private saving and public saving. Given that private saving is $0.5 trillion and public saving is $0.2 trillion, we can calculate national saving as follows:
National Saving = Private Saving + Public Saving
National Saving = $0.5 trillion + $0.2 trillion
National Saving = $0.7 trillion
Therefore, national saving is $0.7 trillion.
d) Investment can be calculated by subtracting national saving from GDP. Given that GDP is $8 trillion and national saving is $0.7 trillion, we can calculate investment as follows:
Investment = GDP - National Saving
Investment = $8 trillion - $0.7 trillion
Investment = $7.3 trillion
Therefore, investment is $7.3 trillion.
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Thank you for reading the article The first four questions are based on problem 4 at the end of Chapter 8 and are related to material that we covered last Friday. We hope the information provided is useful and helps you understand this topic better. Feel free to explore more helpful content on our website!
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Rewritten by : Jeany
