Refer to the table. Equilibrium GDP is:GovernmentPurchasesConsumption (aftertaxes)$-20Gross InvestmentNet ExportsReal GDP$15$1010$+5$00.+515102010+515404010+515706010+5151008010+51513010010+515160$40.O $70.O $100.O $130.$160O O O O O

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Refer to the table. Equilibrium GDP is: Government Purchases Consumption (after taxes) $-20 Gross Investment Net Exports Real GDP $10 $+5 $15 0. 10 +5 15 10 20 10 +5 15 40 40 10 +5 15 70 60 10 +5 15 100 80 10 +5 15 130 100 10 +5 15 160 $40. O $70. O $100. O $130. O $160

Refer to the table. Equilibrium GDP is: Government Purchases Consumption (after taxes) $-20 Gross Investment Net Exports Real GDP $10 $+5 $15 0. 10 +5 15 10 20 10 +5 15 40 40 10 +5 15 70 60 10 +5 15 100 80 10 +5 15 130 100 10 +5 15 160 $40. O $70. O $100. O $130. O $160

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

Refer to the table. Equilibrium GDP is:
Government
Purchases
Consumption (after
taxes)
$-20
Gross Investment
Net Exports
Real GDP
$15
$10
10
$+5
$0
0.
+5
15
10
20
10
+5
15
40
40
10
+5
15
70
60
10
+5
15
100
80
10
+5
15
130
100
10
+5
15
160
$40.
O $70.
O $100.
O $130.
$160
O O O O O

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Table 7-2 Year 1 Year 1 Year 2 Year 2 Goods Quantities Prices Quantities Prices A 90 $1.50 80 $1.40 80 $0.60 70 $0.70 C 70 $0.40 60 $0.50 Refer to Table 7-2. GDP in Year 1 is O $215.00 O $211.00 O $186.00 O $191.00
Refer to the following table National Consumption Investment Government Net income spending spending spending exports 260 260 280 270 225 25 10 5 25 10 5 300 280 25 10 320 290 25 10 LQ LQ 5 340 300 25 10 5 360 310 25 10 5 LQ LO What is the equilibrium Y? a. 260 b. 280 c. 300 d. 320 cross out cross out cross out cross out e. 340 cross out
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Suppose the current equilibrium GDP is less than potential GDP. Which of the following actions could the government take to close the output gap? Select one or more: O a. No action is necessary O b. Decrease expenditures C. Decreases taxes Od. Increase taxes O e. Increase expenditures
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Government purchases 30 Consumption 100 Investment spending Exports Imports Wages Interest billions of dollars ($) O $370 billion. 50 O $160 billion. O $130 billion. $310 billion. 40 Government purchases 60 20 190 130 According to the information in table, GDP =