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- Suppose an economy is initially in equilibrium at its potential level of output. As a result of an unexpected pandemic, the AD curve suddenly shifts to the left by a horizontal distance equal to $304 billion. How much will the output fall as a result of this shift in demand? (Calculate your answer in billions of CAD and write it without units. E.g., write 1 for $1 billion.Upon the 'multiplier effect' in the Keynes effective demand model, if the investment (I) is increased by 10 trillion yen, how much would the GDP (output) be increased additionally? Assume that the propensity to consume is 0.6 and the other exogenous factors remain unchanged.The Keynesian multiplier relationship Y = 1/ (1-c) is derived from two initial equations: Y = C + I and C= cY. For the multiplier relationship to be acceptable, a. the initial two equations must be acceptable b. saving must be negative c. the algebraic derivation must be correct d. all individuals must receive the same income
- True or false? Why?"A temporary tax rise never has a significant effect on current consumption."Explain the likely impact of spending on infrastructure on output in the long-run and show this on your AS-AD diagram.According to the AS-AD model, which of the following is true about output when there is an increase in the AD and no other change? (Select all that are true) There is a decrease in output in the short run There is an increase in output in the long run There is an increase in output in the short run There is no change in output in the long run There is no change in output in the short run There is a decrease in output in the long run
- If planned aggregate expenditure is greater than total production actual inventories will equal planned inventories. firms will experience an unplanned increase in inventories. GDP will increase. the economy is in equilibrium.If autonomous planned investment increases by $100, and the MPC = 0.8, in the first round of spending GDP will increase by ___ and lead to an increase in consumer spending of ___. The second round of increase in GDP will be ___. A. $80; $80; $64 B. $100; $100; $80 C. $100; $80; $80 D. $80; $64; $64If consumption is $8 billion when disposable income is $0, and if the marginal propensity to consume is 0.60, find the national consumption function C(y) (in billions of dollars).
- If MPC is zero, the level of value of investment multiplier in a two sector economy will be a. Zero b. One c. Infinite d. Cannot be determined with the given informationIf investment falls by $5 billion and the marginal propensity to consume is 0.75. So Real GDP Group of answer choices Decreases by $25 billion Increases by $40 billion Decreases by $20 billion Increases by $20 billionGiven the data shown in the table below, if planned investment increased by $100, the new equilibrium GDP would be approximately ________.