Suppose that in a closed economy, taxes are equal to $3,500, government purchases are equal to $3,000 and consumption, which makes 50% of GDP, is equal to $7,500.

Using this information, calculate

(i) GDP (Y). (1 mark)

(ii) National saving. (1 mark)

(iii) Private saving. (2 marks)

(iv) Public saving. (2 marks)