Consider an economy described by the following equations:
Y = C + I + G
C = 100 + 0.75(Y – T)
I = 500 – 50r
G = 125
T = 100
where Y is GDP, C is consumption, I is investment, G is government purchases, T is taxes, and r is the interest rate. If the economy were at full employment (that is, at its natural rate), GDP would be 2,000.
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