Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
Question
Chapter 18, Problem 17SQ
To determine

The 45-degree line in the exhibit.

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In the third quarter of 2008, investment in the U.S. totaled $4,2 trillion and in 2007, investment was $1,4 trillion. In addition, third quarter of 2007 real GDP was $48 trillion. Suppose the MPC in the U.S. is 0.80. Ignoring all other changes in spending, what is the new real GDP?
Assume that the consumption function for the above economy is C = 1000 + .75Yd fill in the empty cells. (All Figures are in Billions of Dollars)    Output Taxes Disposable Income Consumption Spending Saving Investment Government Aggregate Expenditure 5000 1000       750 750   7000 1000       750 750   9000 1000       750 750
Calculate the value of final Consumption Expenditure when the value of national income is $5000 , autonomous consumption is $1000 and marginal propensity to consume is 0.8
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