Question 1.

Consider a closed economy with GDP = $21 trillion, consumption = $12 trillion, government purchases = $1 trillion and taxes = $1.5 trillion. What is the amount of investment in the economy?

Question 2.

Consider a closed economy with GDP = $44 trillion, consumption = $32 trillion, government purchases = $7 trillion and taxes = $4.9 trillion. What is the amount of private saving in the economy?

Question 3.

Consider a closed economy with GDP = $4.6 trillion; Consumption = $3.3 trillion; Government purchases = $1.2 trillion; and Taxes = $0.9 trillion. For this economy, public saving is equal to ______ and the government is running a budget ______.