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The data in columns 1 and 2 in the table below are for a private closed economy Instructions: For all parts, enter only whole numbers for your answers. If you are entering any negative values, be sure to include a negative sign (-) in front of the number you are entering. (1) Real Domestic Aggregete Output (Billions) $200 $250 $300 (6) Aggregate Expenditures, Open Economy (Billions) (2) (5) Net (3) Expenditures Exports, (Billions) $20 (4) Imports, (Billions) 0ES Exports (Billions) (Billions) $240 $280 $20 $30 $320 $20 $30 $350 $360 $20 $30 $400 $400 $20 $30 SNT S114 $450 $440 $480 $20 $30 $30 $30 $500 $20 $550 $520 $20 a. Using columns 1 and 2, what is the equilibrium GDP for this hiypottietical economy? $ billion b. Now open up this economy to international trade by including the export and import figures of columns 3 and 4. Fill in columns 5 and 6 What is the equilibrium GDP for the open economy? $ bilion

The data in columns 1 and 2 in the table below are for a private closed economy Instructions: For all parts, enter only whole numbers for your answers. If you are entering any negative values, be sure to include a negative sign (-) in front of the number you are entering. (1) Real Domestic Aggregete Output (Billions) $200 $250 $300 (6) Aggregate Expenditures, Open Economy (Billions) (2) (5) Net (3) Expenditures Exports, (Billions) $20 (4) Imports, (Billions) 0ES Exports (Billions) (Billions) $240 $280 $20 $30 $320 $20 $30 $350 $360 $20 $30 $400 $400 $20 $30 SNT S114 $450 $440 $480 $20 $30 $30 $30 $500 $20 $550 $520 $20 a. Using columns 1 and 2, what is the equilibrium GDP for this hiypottietical economy? $ billion b. Now open up this economy to international trade by including the export and import figures of columns 3 and 4. Fill in columns 5 and 6 What is the equilibrium GDP for the open economy? $ bilion

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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The data in columns 1 and 2 in the table below are for a private closed economy Instructions: For all parts, enter only whole numbers for your answers. If you are entering any negative values, be sure to include a negative sign (-) in front of the number you are entering. (1) Real Domestic Aggregate Output (Billions) $200 (6) Aggregate Expenditures, Exports Open Economy (Billions) (2) (5) Net (3) Expenditures Exports, (Billions) $20 $20 $20 (4) Imports, (Billions) $30 (Billions) (Billions) $240 $250 $300 $350 $280 $30 $320 $30 $360 $20 $30 $400 $400 $20 $30 $450 $440 $480 $520 $20 $30 S %24 $500 $550 $20 $20 $30 $30 a. Using columns 1 and 2, what is the equilibrium GDP for this hypothietical economy? $ billion b. Now open up this economy to international trade by Including the export and import figures of columns 3 and 4. Fill in columns 5 and 6 What is the equilibrium GDP for the open economy? $ billion
Transcribed Image Text:The data in columns 1 and 2 in the table below are for a private closed economy Instructions: For all parts, enter only whole numbers for your answers. If you are entering any negative values, be sure to include a negative sign (-) in front of the number you are entering. (1) Real Domestic Aggregate Output (Billions) $200 (6) Aggregate Expenditures, Exports Open Economy (Billions) (2) (5) Net (3) Expenditures Exports, (Billions) $20 $20 $20 (4) Imports, (Billions) $30 (Billions) (Billions) $240 $250 $300 $350 $280 $30 $320 $30 $360 $20 $30 $400 $400 $20 $30 $450 $440 $480 $520 $20 $30 S %24 $500 $550 $20 $20 $30 $30 a. Using columns 1 and 2, what is the equilibrium GDP for this hypothietical economy? $ billion b. Now open up this economy to international trade by Including the export and import figures of columns 3 and 4. Fill in columns 5 and 6 What is the equilibrium GDP for the open economy? $ billion
What is the equillibrium GDP for the open economy? S billion What is the change in equilibrtum GDP caused by the addition of net exports? $ billion c. Glven the original $20 bilion level of exports what would be net exports and the equilibrium GDP if imports were $10 billion greater at each level of GDP? Net exports=S bilion Equilibrium GDP S 11bilion d. What the nultiptier in this example
Transcribed Image Text:What is the equillibrium GDP for the open economy? S billion What is the change in equilibrtum GDP caused by the addition of net exports? $ billion c. Glven the original $20 bilion level of exports what would be net exports and the equilibrium GDP if imports were $10 billion greater at each level of GDP? Net exports=S bilion Equilibrium GDP S 11bilion d. What the nultiptier in this example
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