Answer: CONSUMPTION SPENDING = $730 Billion
PRIVATE SAVING = $300 Billion
PUBLIC SAVING = -$50 Billion
NATIONAL SAVING = $250 Billion
Explanation:
The missing figures are the Consumption Spending, Private Saving, Public saving and National Saving.
This is a closed economy so no imports.
Consumption Spending.
The Formula for GDP is
Y = C + I + G
Y is income
C is Consumption
I is Investment
G is Government Spending.
Making C the subject we have,
C = Y - I - G
= 1,200 - 220 - 250
= $730 billion
Private Saving is what people are left with after taxes and Consumption so,
= Y - T - C
= 1,200 - 170 - 730
= $300 billion
Public Saving is how much the Government spent vs what it received.
The formula would therefore be
= Taxes - Government Spending
= 170 - 220
= -$50 billion
National Saving is the amount in the Economy that was saved after accounting for Consumption and Government Spending.
= Y - C - G
= 1,200 - 730 - 220
= $250 billion
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