In a Given Year,a Country's GDP = $3843,net Factor Payments

question 61

Essay

In a given year,a country's GDP = $3843,net factor payments from abroad = $191,taxes = $893,transfers received from the government = $422,interest payments on the government's debt = $366,consumption = $3661,and government purchases = $338.Calculate the values of private saving,government saving,and national saving.

---

Definitions:

Total Surplus

The sum of consumer surplus and producer surplus, measuring the overall welfare benefit to a society from the production and consumption of goods and services.

Domestic Producers

Domestic producers are individuals or companies that produce goods or services within their home country's borders.

Domestic Consumers

Individuals or households within a country that purchase goods and services for personal use.

Nation Better Off

A situation where a country's economic health improves, indicated by factors like higher income, lower unemployment, and greater access to goods and services.