Suppose a private closed economy has an MPC of 0.7 and a current equilibrium GDP of $100 billion. a. What is the multiplier in this economy? b. Now suppose the economy opens up trade with the rest of the world and experiences net exports of $10 billion. What impact will this have on equilibrium real GDP? c. Next suppose a government is introduced, and plans to spend $10 billion. By how much will this change in spending ultimately cause GDP to change, and in what direction?

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