2.Answer the question. 9. Refer to the accompanying table in answering the questionsthat follow: L011.8(1)Possible Levelsof Employment,Millions90100110120130(2)Real Domestic Aggregate ExpendituresOutput,Millions(3)$500550600650700(C+I+X+G),Millions$520560600640680a. If full employment in this economy is 130 million, willthere be an inflationary expenditure gap or a recessionaryexpenditure gap? What will be the consequence of this gap?By how much would aggregate expenditures in column 3have to change at each level of GDP to eliminate theinflationary expenditure gap or the recessionary expendituregap? What is the multiplier in this example?b. Will there be an inflationary expenditure gap or a recessionaryexpenditure gap if the full-employment level of output is $500billion? By how much would aggregate expenditures incolumn 3 have to change at each level of GDP to eliminate thegap? What is the multiplier in this example?c. Assuming that investment, net exports, and governmentexpenditures do not change with changes in real GDP, whatare the sizes of the MPC, the MPS, and the multiplier?

As we know A recessionary gap, or contractionary gaps, happens when a country's genuine GDP is lower…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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