Attempts 1.2 Keep the Highest 1.2 / 5 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 $1,440 million. Enter the amount for government purchases. Value National Income Account ( Millions of dollars) Government Purchases () Taxes minus Transfer Payments () 360 Consumption () 750 Investment () 390Complete 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 Y - C million G -T Y - T - G Y - C- G Complete the following table wy national income accounting identities to calculate private and public saving. In your calculations, use data from the initial table. Private Saving = = $ million Public Saving = $ millionComplete 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 T - G C - T Public Saving = Y - T - I = million Y - C-T Based on your calculations, the government is running a budget