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In a closed economy, Y = $17 billion C = $13.6 billion 1 = $1.7 billion TR= $1.0 billion T = $2.0 billion Calculate each of the following (round each answer to one decimal place). Private savings = $ Public savings = $ billion Total savings in this economy = $ billion billion The government's budget deficit or surplus = $ billion (enter a negative number for a deficit, positive number for surplus). Price indexes can be used to compare prices across different periods. Suppose that a year of tuition for college at public institutions averaged a cost of $1,939 in 1989 and that the CPI index was 123 in 1989. If the CPI index was 212 in 2009, then the cost of tuition in 2009, as the result of inflation, would equal $ (Enter your response rounded to the nearest whole number.) Suppose that the actual average cost of tuition in 2009 was $7,232. Relative to the expected cost computed above, the cost of tuition increased by the amount of inflation.

In a closed economy, Y = $17 billion C = $13.6 billion 1 = $1.7 billion TR= $1.0 billion T = $2.0 billion Calculate each of the following (round each answer to one decimal place). Private savings = $ Public savings = $ billion Total savings in this economy = $ billion billion The government's budget deficit or surplus = $ billion (enter a negative number for a deficit, positive number for surplus). Price indexes can be used to compare prices across different periods. Suppose that a year of tuition for college at public institutions averaged a cost of $1,939 in 1989 and that the CPI index was 123 in 1989. If the CPI index was 212 in 2009, then the cost of tuition in 2009, as the result of inflation, would equal $ (Enter your response rounded to the nearest whole number.) Suppose that the actual average cost of tuition in 2009 was $7,232. Relative to the expected cost computed above, the cost of tuition increased by the amount of inflation.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In a closed economy, Y = $17 billion C = $13.6 billion 1 = $1.7 billion TR= $1.0 billion T = $2.0 billion Calculate each of the following (round each answer to one decimal place). Private savings = $ Public savings = $ billion Total savings in this economy = $ billion billion The government's budget deficit or surplus = $ billion (enter a negative number for a deficit, positive number for surplus). Price indexes can be used to compare prices across different periods. Suppose that a year of tuition for college at public institutions averaged a cost of $1,939 in 1989 and that the CPI index was 123 in 1989. If the CPI index was 212 in 2009, then the cost of tuition in 2009, as the result of inflation, would equal $ (Enter your response rounded to the nearest whole number.) Suppose that the actual average cost of tuition in 2009 was $7,232. Relative to the expected cost computed above, the cost of tuition increased by the amount of inflation.
Transcribed Image Text:In a closed economy, Y = $17 billion C = $13.6 billion 1 = $1.7 billion TR= $1.0 billion T = $2.0 billion Calculate each of the following (round each answer to one decimal place). Private savings = $ Public savings = $ billion Total savings in this economy = $ billion billion The government's budget deficit or surplus = $ billion (enter a negative number for a deficit, positive number for surplus). Price indexes can be used to compare prices across different periods. Suppose that a year of tuition for college at public institutions averaged a cost of $1,939 in 1989 and that the CPI index was 123 in 1989. If the CPI index was 212 in 2009, then the cost of tuition in 2009, as the result of inflation, would equal $ (Enter your response rounded to the nearest whole number.) Suppose that the actual average cost of tuition in 2009 was $7,232. Relative to the expected cost computed above, the cost of tuition increased by the amount of inflation.
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