The following graph shows total production (TP) and total expenditures (TE) for a hypothetical economy. Suppose Real GDP is $425 billion. TOTAL EXPENDITURE (Billions of dollars) 600 575 550 525 500 475 450 425 400 400 425 450 475 500 525 550 REAL GDP (Billions of dollars) If Real GDP is $425 billion, inventories 575 600 (TP = Real GDP) TE , the firms production, and Real GDP

The following graph shows total production (TP) and total expenditures (TE) for a hypothetical economy. Suppose Real GDP is $425 billion. TOTAL EXPENDITURE (Billions of dollars) 600 575 550 525 500 475 450 425 400 400 425 450 475 500 525 550 REAL GDP (Billions of dollars) If Real GDP is $425 billion, inventories 575 600 (TP = Real GDP) TE , the firms production, and Real GDP

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 4SQP

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