Suppose GDP in this country is $800 million. Enter the amount for consumption.

National Income Account Value (Millions of dollars)

Government Purchases (G) 200

Taxes minus Transfer Payments (T) 260

Consumption (C) _________

Investment (I)300

Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table.

NationalSaving(S) [1] Y - C - G [2] Y - C [3] Y - T - G [4] G-T = [1] C [2] Y [3] I 4 [] G

= #____ Million

Private Saving = [1] Y - T - I [2] Y - C - T [3] C - T [4] T - G

= #____ Million

Public Saving = [1] Y - C - T [2] C - T [3] T - G [4] Y -T - I

Based on your calculations, the government is running a budget _______. [1] Surplus [2] Deficit