1. Saving and investment in the national income accounts The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $950 million. Enter the amount for government purchases. Value National Income Account (Millions of dollars) Government Purchases (G) :l Taxes minus Transfer Payments (T) 325 Consumption (C) 500 Investment (1) 200 Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table. Narional Saving (5) 7 V Complete the following table by using national income accounting identities to calculate private and public saving. In your calculations, use data from the initial table. V Private Saving V Public Saving Based on your calculations, the government is running a budget V