Scenario 21-1 Consider the Following Data for a Closed Economy

Multiple Choice

Scenario 21-1

Consider the following data for a closed economy:

Y = $12 trillion
C = $8 trillion
I = $2 trillion
G = $2 trillion
TR = $2 trillion
T = $3 trillion

-Refer to Scenario 21-1. Based on the information above, what is the level of private saving in the economy?

A) $3 trillion
B) $4 trillion
C) $5 trillion
D) $8 trillion