The level ofprivatesaving in the givenclosed economyis $4 trillion.Given, Y = $14 trillion C = $8 trillion G = $3 trillion S pub = $1 trillion T = $5 trillion We have to find the level of privatesaving, spriv, in thiseconomy.In a closed economy: Y = C + I + G Here, I =investmentin the economy Thus, Y = C + S + T When we add G to both sides of the equation we get, Y + G = C + S + T + G Now, from the given data we have, Y + G = $14 + $3 = $17 trillion C = $8 trillion T = $5 trillionSo, we have, Y + G = C + S + T + G Solving for S, we get; S = Y + G - C - TS = $17 trillion - $8 trillion - $5 trillion S = $4 trillion Therefore, thelevelof private saving in the given closed economy is $4 trillion.Learn more aboutEconomybrainly.com/question/2421251#SPJ11...

Unlock to view answer

Unlock full access for 72 hours, watch your grades skyrocket.

For just $0.99 cents, get access to the powerful quizwhiz chrome extension that automatically solves your homework using AI. Subscription renews at $5.99/week.