2. 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 $1,680 million. Enter the amount for government purchases.

Value National Income Account (Millions of dollars) Government Purchases (G) Taxes minus Transfer Payments (T) 360 Consumption (C) 1,000 Investment (I) 280 Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table. National Saving (S) Y- C - G V II 4 $ million 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. Private Saving = Y - C - T v $ million Public Saving = T- G v = $ million