Consider the following data for a closed economy: y = $15 trillion c = $8 trillion i = $2 trillion tr = $2 trillion t = $2 trillion use the data to calculate the following. (enter your responses as integers.)

use these data to calculate the following:

a. private saving
b. public saving
c. goverment purchases
d. the goverment budget deficit or budget surplus

A. Private Savings =

Explanation:

Requirement A:

Private savings states that how much money resident people can save in an economy.

We know, Private savings = Income of residents (Y) + Transfers (TR) - Consumption (C) - Tax (T)

Given,

Y = $15 Trillion; TR = $2 Trillion; C = $8 Trillion; T = $2 Trillion.

Therefore, private savings = $(15 + 2 - 8 - 2)

Private savings = $7 Trillion.

Requirement B

Public savings dictates that the saving from the government throughout a period in an economy.

We know, Public savings = Government revenue (T) - Government spending (G) - Transfers (TR)

As we do not have spending amount, we have to use althernative formula to find public savings.

Therefore, National Savings (I) = Public Savings + Private savings

Public Savings = National Savings - private savings;

Public Savings = ($2 - $7) Trillion (Private savings from requirement A).

Public savings = - $5 Trillion.

Requirement C;

Government purchase is the government spending throughout a specific time span. It can be calculated through the use of public savings formula. That is:

Public Savings = Government revenue (T) - Government spending (G) - Transfers (TR)

From Requirement B, we get, Public savings = $5 trillion

Therefore, public savings = $2 - G - $2

Or, - $5 = G

Or, G = - $5

Requirement D:

From the requirements B and C, it can be easily said that the government is in Budget deficit. When the spending of any economy of a country is more than that country's tax revenue, it is called budget deficit of the country's economy. It means the government is spending more and a negative savings plan.

Budget deficit = Government spending - Tax revenue = $(5 - 2) = $3 trillion.

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the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.