Economics (Irwin Economics)
Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
Question
Chapter 31.7, Problem 1QQ
To determine

MPC.

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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?
Given a full employment level of GDP of 700 Trillion and a current level of 670 Trillion the government would want to Increase the interest rate in the economy Reduce government taxes Increase government spending Both A and C Both B and C
Suppose GDP is $ 15 trillion, with $ 8 trillion coming from consumption, $ 2.5 trillion coming from gross investment, $ 3.5 trillion coming from government expenditures, and $ 1 trillion coming from net exports. Also suppose that across the whole economy, personal income is $ 12 trillion. If the government collects $ 1.5 trillion in personal taxes, then disposable income will be:  a) $ 13.5 trillion b) $ 12.0 trillion c) $ 10.5 trillion d) None of these are correct
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