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Midterm

# extra questions for midterm.doc

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School
Department
Accounting
Course
ACC 100
Professor
Else Grech
Semester
Fall

Description
The following information is consumption and investment data for a private closed economy. Figures are in billions of dollars. C = 60 + .6Y I = I0= 30 1. Refer to the above data. The equilibrium level of income (Y ) is: A) 360. B) 225. C) 200. D) 135. Where I is planned investment, S is saving, and Y is gross domestic product (GDP). I = I0= 80 (6.3) S = -80 + .4Y (6.4) 2. Refer to equations (6.3) and (6.4). The equilibrium GDP will be: A) \$160. B) \$400. C) \$360. D) \$480. 3. In the diagram for a closed economy, at the \$200 level of GDP: A) consumption is \$200 and planned investment is \$50 so that planned aggregate expenditures are \$250. B) consumption is \$200 and planned investment is \$100 so that planned aggregate expenditures are \$300.
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