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In 2018, U.S. government spending was $3.90 trillion, tax revenue was $4.50 trillion, GDP was $14.02 trillion, and total consumer spending was $10.75 trillion. If the economy has no exports or imports, what was the national savings in 2018? How much was public savings? How much was private savings?

Respuesta :

Answer: See explanation

Explanation:

Government spending = $3.90 trillion

Tax revenue = $4.50 trillion

GDP = $14.02 trillion

Consumer spending = $10.75 trillion.

National savings will be:

= GDP - Consumer spending - Government expenditure

= $14.02 - $10.75 - $3.90

= -$0.63 trillion

Public savings will be:

= Tax revenue - Government spending

= $4.50 trillion - $3.90 trillion

= $0.60 trillion

Private savings will be:

= GDP - Consumer spending - Tax revenue

= $14.02 - $10.75 - $4.50

= -$1.23 trillion

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