The table reports data on real GDP, consumption, investment, government spending
ID: 1236602 • Letter: T
Question
The table reports data on real GDP, consumption, investment, government spending, and aggregate expenditures for a closed economy with fixed taxes. Use the information in the table to answer the following questions. Values are in billions of dollars.Real GDP Consumption Investment Government Spending Expenditures
(Y) (C) (I) (G) (C + I + G)
$120 $100 $50 $30 $180
$240 $160 $50 $30 $240
$360 $220 $50 $30 $300
$480 $280 $50 $30 $360
$600 $340 $50 $30 $420
1) Calculate the equilibrium value of real GDP
$________________billion
Explanation / Answer
Where supply y equals demand (C+I+G) $240