Consider the following data for a closed economy: y = $15 trillion c = $8 trillion i = $2 trillion tr = $2 trillion t = $2 trillion use the data to calculate the following. (enter your responses as integers.)

use these data to calculate the following:

a. private saving
b. public saving
c. goverment purchases
d. the goverment budget deficit or budget surplus

A. Private Savings =

Explanation:

Requirement A:

Private savings states that how much money resident people can save in an economy.

We know, Private savings = Income of residents (Y) + Transfers (TR) - Consumption (C) - Tax (T)

Given,

Y = $15 Trillion; TR = $2 Trillion; C = $8 Trillion; T = $2 Trillion.

Therefore, private savings = $(15 + 2 - 8 - 2)

Private savings = $7 Trillion.

Requirement B

Public savings dictates that the saving from the government throughout a period in an economy.

We know, Public savings = Government revenue (T) - Government spending (G) - Transfers (TR)

As we do not have spending amount, we have to use althernative formula to find public savings.

Therefore, National Savings (I) = Public Savings + Private savings

Public Savings = National Savings - private savings;

Public Savings = ($2 - $7) Trillion (Private savings from requirement A).

Public savings = - $5 Trillion.

Requirement C;

Government purchase is the government spending throughout a specific time span. It can be calculated through the use of public savings formula. That is:

Public Savings = Government revenue (T) - Government spending (G) - Transfers (TR)

From Requirement B, we get, Public savings = $5 trillion

Therefore, public savings = $2 - G - $2

Or, - $5 = G

Or, G = - $5

Requirement D:

From the requirements B and C, it can be easily said that the government is in Budget deficit. When the spending of any economy of a country is more than that country's tax revenue, it is called budget deficit of the country's economy. It means the government is spending more and a negative savings plan.

Budget deficit = Government spending - Tax revenue = $(5 - 2) = $3 trillion.

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