I only know the steps to get (5) and (6) but not the (7) and (8) columns. Problem 11-07Refer to columns 1 and 6 in the table below.a. Incorporate government into the table (in the gray-shaded cells) by assuming that it plans to tax and spend $20 billion at eachpossible level of GDP. Also assume that the tax is a personal tax and that government spending does not induce a shift in the privateaggregate expenditures schedule.Instructions: Enter your answers as a whole number.(2) AggregateExpenditures,Private Closed(6) AggregateExpenditures,Private OpenEconomy, Billions(7)Government Expenditures, OpenExpenditures,Billions(8) Aggregate(1) Real DomesticOutput (GDP = DI),Billions(3) Exports, (4) Imports, (5) Net Exports,BillionsBillionsEconomy withGovernment, BillionsBillionsEconomy, Billions$200$240$20$30$-10$2302502030-102703003202030-103103503602030-103504004002030-103904504402030-104305004802030-104705505202030-10510b. What is the change in equilibrium GDP caused by the addition of government?billion%24

Aggregate expenditure in a closed economy is the sum of consumption, investment and government…

a. Incorporate government into the table (in the gray-shaded cells) by assuming that it plans to tax and spend $20 billion at each possible level of GDP. Also assume that the tax is a personal tax and that government spending does not induce a shift in the private aggregate expenditures schedule. Instructions: Enter your answers as a whole number. (2) Aggregate Expenditures, Private Closed (8) Aggregate (1) Real Domestic Output (GDP = DI), Billions (6) Aggregate Expenditures, Private Open Economy, Billions (7) Government Expenditures, Open Expenditures, Billions (3) Exports, (4) Imports, (5) Net Exports, Billions Billions Economy with Government, Billions Billions Economy, Billions $200 $240 $20 $30 $-10 $230 250 20 30 -10 270 300 320 20 30 -10 310 350 360 20 30 -10 350 400 400 20 30 -10 390 450 440 20 30 -10 430 500 480 20 30 -10 470 550 520 20 30 -10 510 b. What is the change in equilibrium GDP caused by the addition of government? $4 billion

a. Incorporate government into the table (in the gray-shaded cells) by assuming that it plans to tax and spend $20 billion at each possible level of GDP. Also assume that the tax is a personal tax and that government spending does not induce a shift in the private aggregate expenditures schedule. Instructions: Enter your answers as a whole number. (2) Aggregate Expenditures, Private Closed (8) Aggregate (1) Real Domestic Output (GDP = DI), Billions (6) Aggregate Expenditures, Private Open Economy, Billions (7) Government Expenditures, Open Expenditures, Billions (3) Exports, (4) Imports, (5) Net Exports, Billions Billions Economy with Government, Billions Billions Economy, Billions $200 $240 $20 $30 $-10 $230 250 20 30 -10 270 300 320 20 30 -10 310 350 360 20 30 -10 350 400 400 20 30 -10 390 450 440 20 30 -10 430 500 480 20 30 -10 470 550 520 20 30 -10 510 b. What is the change in equilibrium GDP caused by the addition of government? $4 billion

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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