The table given below shows the levels of real GDP (Y) and the corresponding levels of consumption (C), planned investment (1), export (EX), and import (IM) of an open economy. Assume that in this country, the aggregate price level is constant, the interest rate is fixed, and there are no taxes. Table 7 Y C EX IM $0 $100 $520 $420 $480 $20 $1,500 $1,075 $520 $420 $480 $245 $3,000 $2,050 $520 $420 $480 $470 $4,500 $3,025 $520 $420 $480 $695 $6,000 $4,000 $520 $420 $480 $920 $7,500 $4,975 $520 $420 $480 $1,145 Refer to Table 7. What is the equilibrium level of real GDP? $1,500 $3.000

The table given below shows the levels of real GDP (Y) and the corresponding levels of consumption (C), planned investment (1), export (EX), and import (IM) of an open economy. Assume that in this country, the aggregate price level is constant, the interest rate is fixed, and there are no taxes. Table 7 Y C EX IM $0 $100 $520 $420 $480 $20 $1,500 $1,075 $520 $420 $480 $245 $3,000 $2,050 $520 $420 $480 $470 $4,500 $3,025 $520 $420 $480 $695 $6,000 $4,000 $520 $420 $480 $920 $7,500 $4,975 $520 $420 $480 $1,145 Refer to Table 7. What is the equilibrium level of real GDP? $1,500 $3.000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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