Revision

Question 1

GNP equation

Answer 1

GNP = GDP + Z

Question 2

National Savings equation

Answer 2

S = Y - C - G

Question 3

An open economy can save by building up its capital stock

Answer 3

S = I + CA

Question 4

Private saving equation

Answer 4

S^P = Y - T - C

Question 5

Government savings equation

Answer 5

S^g = T- G

Question 6

Name what the balance of payments accounts do

Answer 6

record flows of goods and services and flows of financial assets across countries