Use the Following to Answer Questions

question 33

Multiple Choice

Use the following to answer questions .
Exhibit: Aggregate Expenditures and Real GDP 1
-(Exhibit: Aggregate Expenditures and Real GDP 1) Let Y = real GDP, AE = Aggregate Expenditures, C = Consumption, I_P = Planned Investment. Suppose AE = C + I_P. I_P is autonomous and the consumption function is C = $1,000 billion + 0.5Y. If I_P = $2,000 billion, what is the equilibrium level of real GDP?

• A) $4,500 billion
• B) $6,000 billion
• C) $7,500 billion
• D) $9,000 billion

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Definitions:

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