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2. 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 $1,680 million. Enter the amount for consumption. Value
National Income Account (Minions of dollars)
Government Purchases (G) 400
Taxes minus Transfer Payments (T) 360 Consumption (C) Investment (I) 280

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Complete 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) H
4 ||
{ $ million

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Complete 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 = v = $ million
Public Saving = v = $ million Based on your calculations, the government is running a budget v .

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