Answer to Question #124591 in Macroeconomics for Fikile Arrive

Question

3.1The following data (R billions) are for a closed economy (Ga-Rankuwa Republic)
over 2019.
• Total Output: R 30
• Total Income: R 30
• Consumption: R 22
• Government Spending: R 6
• Total tax revenue: R 5.5
• Transfer payments: R 1.5
Use the above data to calculate:
a. disposable income, savings and net taxes.
b. Is the government running a budget surplus, budget deficit, or balanced
budget? Demonstrate.
c. Determine planned investment. (note that investment is equal to the sum of
private and public saving)

Answer 1

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