Question
In a given economy, consumption is given by C = 1000 + * (Y – T)...
In a given economy, consumption is given by C = 1000 + * (Y – T) If the real GDP is 9,606 and taxes and government spending are 2,408 each, what is national savings? Give your answer as a whole number.
Answers
Answa 9 (4-T). C = 1000 t Gout, spending Taxe 2408 2you Real GDP = 9606 9 ca 1000 t (9606 - 2408) lo 6478.2 9 7198 1000 since this a is a closed economy (according to the gives question real GDP (Y) = C f I ta. 9 GOG 647 8. 2+ I + 24089606 z 88 86.2 & I - I = (9606 - 8886.2) 719.8. Now in a closed economy , whatever is not consumed or spent by the govenment is saved. Thes, in a closed investment equals lavings. I = S 720. (as a whole number ) econoney
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