The following information is for a closed economy: GDP $100 200 300 400 500 600 700 C $100 160 220 280 340 400 460 S $0 40 80 120 160 200 240 Ig $80 80 80 80 80 80 80 Refer to the above information. If government now spends $80 billion at each level of GDP and taxes remain at zero, the equilibrium GDP: Multiple Choice will rise to $600. will rise to $700. will rise to $500. may either rise or fall.

The following information is for a closed economy: GDP $100 200 300 400 500 600 700 C $100 160 220 280 340 400 460 S $0 40 80 120 160 200 240 Ig $80 80 80 80 80 80 80 Refer to the above information. If government now spends $80 billion at each level of GDP and taxes remain at zero, the equilibrium GDP: Multiple Choice will rise to $600. will rise to $700. will rise to $500. may either rise or fall.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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