Question

Award 4.00 points The data in columns 1 and 2 in the table below are for a private closed economy Instructions: For all parts, enter your answers as whole numbers If you are entering any negative numbers be sure to include a of those numbers a Use columns 1 and 2 to determine the equilibrium GDP for this hypothetical economy b Now open up this economy to international trade by including the export and import figures of columns 3 and 4 Fill in the ga and 6 Aggregate Aggregate Real Domestc Expenditures, PrivateExpors,Imports, Billions Output (GDPDIClosed Economy, Net Exports, Expenditures Billions Private Open $350 $380 $30 $450 $500 $550 $500 $540 $650 $620 Determine the equilibrium GDP for the open economy What is the change in equilibrium GDP caused by the addition of net exports? Joilcn c. Given the original $20 billion level of exports, what would be net exports and he equilibrium GDP if imports were $10 GDP? Fill in the gray-shaded cells. Aggregate Real Domestic Output (GDP DI), xpenditures, Private Exports Billions NetExports, Imports, Billions Closed Economy Billions $340 $380 $420 $40 $400 $40 $20 $600 5620 $40

Answer 1

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Nlet 39 O 4 30 A 70 550 COno equulisnum GDP eher is the change 40 2-го 30

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