The Italian economy can be characterized by the following information: GDP ( Y ) = 22 billion; Consumption ( C ) = 16 billion; Government spending 4 billion. Consider that Italian economy is closed and use the data provided above to estimate National Saving (S) in this economy at the equilibrium level of output. Hint: Recall that I = S 3 billion 5 billion 2 billion 4 billion .

1. The Italian economy can be characterized by the following information: GDP ( Y ) = 22 billion;
Consumption ( C ) = 16 billion; Government spending 4 billion. Consider that Italian economy is
closed and use the data provided above to estimate National Saving (S) in this economy at the
equilibrium level of output. Hint: Recall that I = S 3 billion 5 billion 2 billion 4 billion