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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)
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