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Midterm

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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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