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 $320 million. Enter the amount for government purchases. Value (Millions of dollars) National Income Account Government Purchases (G) Taxes minus Transfer Payments (T) Consumption (C) Investment (1) 110 150 70 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) = $ 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 = million Public Saving = million Based on your calculations, the government is running a budget 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 $320 million. Enter the amount for government purchases. Value (Millions of dollars) National Income Account Government Purchases (G) Taxes minus Transfer Payments (T) Consumption (C) Investment (1) 110 150 70 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) = $ 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 = million Public Saving = million Based on your calculations, the government is running a budget