If, in a closed economy, real GDP is $30 billion, consumption is $20 billion, and government purchases are $5 billion, what is total saving in the economy?

Name: If, in a closed economy, real GDP is $30 billion, consumption is $20 billion, and government purchases are $5 billion, what is total saving in the economy?
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Quizplus · Accepted Answer

In a closed economy, total saving equals GDP minus consumption minus government purchases. Therefore, saving = $30 billion - $20 billion - $5 billion = $5 billion.

If, in a Closed Economy, Real GDP Is $30 Billion