Suppose the following information describes the economy:Household saving300Business saving700Government purchases1,000Government transfers and interest payments500Government tax collections1,500GDP5,000Private saving equals ____and national saving equals ________.
A. 1,000; 1,000
B. 700; 0
C. 1,000; 2,000
D. 300; -200
Answer: B
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What is NOT used in the calculation of GDP (expenditure model)?
a. the value of factories built during the year b. US citizen purchases automobiles made in Germany c. the value of US corporate stocks purchased by US investors d. the value of the decline in US business inventories
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