3. Fill in the blanks in the following table and determine the equilibriumlevel of real GDP.UuplaшedChangeRealIGNEAEGDPin Inventories$ 8,000 $ 6,200 $ 1,675- $ 500- 500- 500- 500- 5009,00010,0006,8507,5008,1501,6751,6751,67511,00012,0008,8001,675

GDP is the sum of market value of final goods and services produced within the geographical borders…

3. Fill in the blanks in the following table and determine the equilibrium level of real GDP. Unplanned Change Real I G NE AE GDP in Inventories $ 8,000 $ 6,200 | $ 1,675 6,850 7,500 8,150 8,800 $ 500 - 500 - 500 - 500 9,000 1,675 10,000 11,000 12,000 1,675 1,675 1,675 - 500

3. Fill in the blanks in the following table and determine the equilibrium level of real GDP. Unplanned Change Real I G NE AE GDP in Inventories $ 8,000 $ 6,200 | $ 1,675 6,850 7,500 8,150 8,800 $ 500 - 500 - 500 - 500 9,000 1,675 10,000 11,000 12,000 1,675 1,675 1,675 - 500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: 1. Calculate the disposable income from the following table: Flows in the economy of Classica Total…

A: The present value of all finished products and services in the economy is referred to as aggregate…

Q: During 2019, a country reported that its real GDP increased by $3.0 billion. The multiplier for this…

A: The objective of the question is to identify the factor that could have caused the increase in real…

Q: The following graphs show an economy's initial position at point A along its consumption function (…

A: The consumption expenditure is the level of expenditure on consumption goods depending on the level…

Q: C= R60 million I= R280 million Goverment= R310 million C = 0.75 1. Calculate the…

A: 1) AE = C+c(Y) +I+G = 60+0.75(Y) + 280+ 310 = 650 + 0.75(Y) Here out of total…

Q: Real GDP $2,000 2,500 3,000 3,500 Consu mption $1,600 2,000 2,400 2,800 Planne d Invest ment $250…

A: The formula to calculate the GDP is given by: Y = C+I+ G+ NX Where Y is the GDP, C is the…

Q: New U.S. home sales surged Purchases of new U.S. homes surged in December and 2015 was the best year…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: Income and Expenditure Work It Out: Question 4 of 4 Recall that the consumption function is C = $100…

A: Equilibrium in the economy is reached where planned aggregate spending is equal to income.

Q: Item Aggregate Output (Y) Government Expenditure (G) Investment (1) Consumption (C) Billions of…

A: Aggregate Output: Y = BD 1300 Investment: I = BD 300 Consumption: C = BD 600 Government expenditure:…

Q: Consumption spending is $3.71 trillion, spending on nondurable goods is $1.215 trillion, and…

A: Durable goods are those consumer goods which do not wear out quickly and last a long time.…

Q: Referring to the graph above, what is the value of the multiplier? a) 10 Ob) 2.5 c) 5 d) 2 Siny

A: Multiplier is a factor by which national income changes when there is a change in autonomous…

Q: Gross domestic product (GDP) is the sum of the income and expenditures of an economy Birini secin…

A: National income a national estimate measure of the volume of commodities and services turned out…

Q: None

A: b. To calculate how many spending cycles would occur before consumer spending increased by $200…

Q: The table gives disposable income (DI), consumption (C), and savings (S) data for the country of…

A: Disposable income is the income available with the household sector for the consumption purpose. The…

Q: 1. Given the following table showing the level of aggregate consumer spending and disposable income…

A: Marginal propensity to consume = Change in consumption / change in income = (170-140) / (250-200) =…

Q: e figure above: - Find the equilibrium GDP. What happens to the left of that equilibrium? What…

A: The equilibrium condition: Y = C+I+G.

Q: During 2019, a country reported that its real GDP increased by $3.0 billion. The multiplier for this…

A: The objective of the question is to identify the factor that could have caused the increase in real…

Q: 1.1Definition of GDP and explanation of why this is equal to national income (an explanation of how…

A: 1. GDP measures the goods and services produced during an year. Hence, it is called the national…

Q: If you were studying the following relationship, which variable would be exogenous and which would…

A: Endogenous variables are those variables whose values are determined in the model. It is also called…

Q: Table 1 Disposable Income $50,000 Consumption $40,000 Disposable Income $20,000 Table 2 Use the…

A: The Marginal propensity to consume measures the change in the consumption in response to the change…

Q: Use the following information to answer questions 14 and 15. Consider the following transactions in…

A: Since the question you have posted consists of multiple parts, we will answer the first question for…

Q: The table below details the composition of an economy's GDP by spending category. Category…

A: Consumption includes spending on durable, nondurable and services. Construction of new home is a…

Q: Consider the following NIPA Data $4,350 $662 PCE-GOODS EXPORTS-SERVICES $2,659 CHANGES IN PRIVATE…

A: Gross domestic product, or, GDP refers to the value of all the final products that is manufactured…

Q: The table below shows some of the expenditure amounts in the economy of Arkinia. The MPC, the MTR,…

A: Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for…

Q: a) What type of gap exists in this economy, and how big is that gap? (Select one) $ 0 b) By how much…

A: ANSWER Planned Aggregate Expenditures

Q: The table below provides income and consumption data in billions of dollars: Disposable Income…

A: The relationship between consumption, saving, and income is often represented by the basic…

Q: Classify each of the following items as a final good or service or an intermediate good or service,…

A: The correct option is:4. A is a final good that is government expenditure, B is a final service that…

Q: According to the table, investment is: Autonomous with respect to disposable income shift up…

A: Since you the question you have posted consists of multiple parts and the second part is incomplete…

Q: What is the expenditure multiplier in this economy? Planned Government Net Exports Aggregate Change…

A: Expenditure Multiplier refers to the ratio of the change in Gross Domestic Product to the change in…

Q: EOC 8.6 Homework Unanswered Due Jan 31st, 9:00 PM From the following data, determine the equilibrium…

A: Real GDP or real gross domestic product is one type of calculation which is actually adjusting the…

Q: The graph shows aggregate expenditures for the fictitious country of Carpistan. Suppose the…

A: The aggregate expenditure comprises the consumption, investment, government expenditure and the…

Q: Using the income-expenditure model, what is the expected effect (increase, decrease, or no effect)…

A: Income-expenditure method: It refers to the model under which the fluctuations and spending are…

Q: Real GDP Consumption Planned investment Planned aggregate Unplanned inventory (in billions) (in…

A: * SOLUTION :- Given that,

Q: Disposable income (millions of dollars) Consumer spending (millions of dollars) Year 2009 $100 $180…

A: C Yd 180 100 380 350 340.00 300 420.00 400 400.00 375 500.00 500

Q: 6. Consider the following economy: C = 100+0.8Y, I = 200, G = 125, NX = 75. (a) Compute the…

A: GDP is the value of final goods and services produced in the economy within a given period of time.

Q: Refer to the table shown. What is the value of GDP using the expenditure approach? $4,785 350 235…

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Using the information in the table below, calculate GDP using the expenditure approach. NZSNA…

A: Ans. The Gross Domestic Product (GDP) is the value of final goods and services produces within an…

Q: Aggregate Expenditure (dollars) 1,000 800 700 600 400 200 0 ΔΑΕ 45° OB. 600-700 billion dollars. Oc…

A: Aggregate expenditure is the sum of consumption, investment, government expenditure, and net…

Q: An increase in the desire to save leads to a decrease in gross domestic product. True or false

A: Since all are distinct questions, we shall answer the first one only. Please resubmit the other…

Q: Quèstion 14 Refer to the Table for a private closed economy and match the correct answer. Domesti c…

A: Please find the attached answer of both the questions below-

Q: Based on the information presented below, what is the equation representing the consumption for this…

A: General form of the consumption function is given as: C = C0 + cY { C0 : autonomous consumption, c :…

Q: Fill in blanks based on the table 1. First blank pick from these choices- A. The economy is in…

Q: billion. This economy's gross domestic product (GDP) equals O a) $1,515 O b) $850 Oc) $1,400 O d)…

A: Gross domestic product is the total value of goods and services at market prices in a country over a…

Q: tf5tjzdjh

A: 2. (a) To find the multiplier when the MPC is 0.75 and there are no imports or taxes, use the…

Question

3. Fill in the blanks in the following table and determine the equilibrium
level of real GDP.
Uuplaшed
Change
Real
I
G
NE
AE
GDP
in Inventories
$ 8,000 $ 6,200 $ 1,675
- $ 500
- 500
- 500
- 500
- 500
9,000
10,000
6,850
7,500
8,150
1,675
1,675
1,675
11,000
12,000
8,800
1,675

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Answer and explanation

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

I need help on this question
Table 1 Real GDP Consumption Planned Investment Government Purchases Net Exports $2,000 $1,600 $250 $250 $100 2,500 2,000 250 250 100 3,000 2,400 250 250 100 3,500 2,800 250 250 100 Table 2 Real GDP Aggregate Expenditure Unplanned Change in Inventories Real GDP Will... (increase, decrease, or be in equilibrium) $2,400 2,500 3,000 3,500 Examine the Table 1 information provided and perform the following activities for Table 2: For each level of Real GDP, calculate aggregate expenditure, unplanned change in inventories, and indicate what will happen to GDP (increase, decrease or be in equilibrium). Explain how you derived the Aggregate Expenditure and Unplanned Change in Inventories Explain how the values in the Unplanned Change in Inventories column dictate what will happen to the Real GDP.…
Aggregate planned expenditure (trillions of 2009 dollars) 7 1 45° line AE2 AEO 2a) b) plan in th B A AE1 3a) 15 3 4 14 0 14 15 16 17 18 19 Real GDP (trillions of 2009 dollars) In the above figure the economy is initially at point A on the aggregate expenditure curve AEQ. Suppose investment decreases. As a result the AE curve shifts upward to a curve such as AE2. the AE curve shifts downward to a curve such as AE1. O there is a movement along AEO to a point such as B. O there is a movement along AEO to a point such as C. 5 6 7 81 90 100 109 b) T c) T d) It e) $1
A Moving to another question will save this response. Quèstion 10 Refer to the Table for a private closed economy and match the correct answer. Domestic Output or Income (GDP DI) Consumption %3! $ 540 $ 540 560 555 580 570 600 585 620 600 640 615 660 630 v If planned investment is $25 billion, then aggregate expenditures at the income level of $560 billion will be A. Increase by $12 billion. v If planned investment is $18 billion, then at the $660 billion level of disposable income, the unplanned inventory will B. $640. C. $580. D. Decrease by $12 billion. E. Increase by $30 billion. F. Increase by $10 billion. G. $400.
3
Complete questions 5-6
The table below provides Income and consumption Data in billions of dollars. Answer questions below based on it.Disposable Consumption SavingsIncome100 80 --------200 150 --------- What is the level of consumption when income is $300 billion? Group of answer choices $200 billion $240 billion $210 billion $60 billion
Provide solution only part c
Which components of Aggregate Expenditure change as a result of a change in real GDP? Question 3Answer a. consumption, investment, and exports b. consumption and investment c. consumption, investment, and government expenditures d. consumption and governments e. consumption and imports
5. Given the following income data, please answer the questions below. Real GDP Consumption Ig Government Exports $5000 $12000 $7000 $7000 $5000 $12000 $5000 $12000 $5000 $12000 $7000 $7000 $5000 $12000 $7000 $100000 $116000 $140000 $148000 $180000 $180000 $220000 $212000 $260000 $244000 Imports $16000 $16000 $16000 $16000 $16000 a. Solve for net exports in each row. b. Solve for aggregate expenditures (AE) in each row. c. State the value for the equilibrium GDP. d. If imports were to increase by $16000 so they are now equal to $32000, solve for net exports again. e. With this new export value, solve for aggregate expenditures in each row. f. State the value for the new equilibrium GDP. g. Solve for the multiplier (you can solve for either the actual or simple multiplier).
i need help with this macro econmics question 2
Solve this economic