The following table contains data for a hypothetical closed economy that uses the dollar as its curr… Show more The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $780 million. Enter the amount for government purchases. National Income Account Value National Income Account (Millions of dollars) Government Purchases ( ) _________ Taxes minus Transfer Payments ( ) 260 Consumption ( ) 300 Investment ( ) 280 Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the previous table. National Savings (S) = (Y-T-G or G-T or Y-C-G or Y-C) = (G or C or I or Y) $________ (million) 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 = (Y-T-I or Y-C-T or T-G or C-T) = $________ (million) Public Saving = (T-G or Y-T-I or Y-C-T or C-T) = ___________ (million) Based on your calculations, the government is running a budget ___________. (deficit or surplus) • Show less