1) The closed economy of Classicland was in 2023 in its long-run equilibrium. Classicland has the following information for the year 2023 related to GDP (in billions of dollars): Variable Amount Total Output (GDP) 2,000 Consumption 1,400 Planned Investment 200 Changes in inventories 0 Government transfer payments 100 Government purchases 400 Taxes 180 Calculate the value of the following macroeconomic variables: (Remember: For simplicity we assume that total output is equal to total income). a) Total Income b) Potential Output c)Total investment d) Total Spending (C+I+G) e) Net taxes (T) (taxes - transfers) f) Disposable Income (total income-T) e) Private Saving (S) (Disposable income- C) f) Total injections (I+G) g) Total leakages (S+T) h) Government budget deficit (G-T) 2) What are three policies the government can use to increase economic growth in the US over the next couple of decades? Briefly explain them and also what are their chances of being implemented and their likely success?