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Solve clearly Assume, during 2020, the Republic of Fantasia recorded purchase of new physical capital of $7 billion, interest payments of $9 billion, imports of
Solve clearly
Assume, during 2020, the Republic of Fantasia recorded purchase of new physical capital of $7 billion, interest payments of $9 billion, imports of $13 billion, profits of $8 billion, exports of $10 billion, rent of $8 billion, wages of $10 billion, Net tax revenue for government of 8 billion, consumption spending of $20 billion, government purchases of $ 12 billion and inventories decreased by $1billion. Assume non-factor payments are zero. Calculate Fantasia's: 1. Nominal GDP 2. Trade Balance, is Fantasia running a trade surplus or deficit? 3. Public Savings, is the government running a budget deficit or surplus? 4. Private SavingsStep by Step Solution
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