The Data in the First Two Columns Below Are for a Closed

question 24

Essay

The data in the first two columns below are for a closed economy without government.Use this table to answer the following questions. (a) What is the equilibrium GDP for the closed economy?
(b) What is the size of the multiplier in the closed economy?
(c) Including the international trade figures for exports and imports, calculate net exports and determine the equilibrium GDP for an open economy.(d) What will happen to equilibrium GDP if exports were $25 billion larger at each level of GDP?
(e) What is the size of the multiplier in the open economy?

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