You Are Given the Following Information About the Australian Economy

question 21

Multiple Choice

You are given the following information about the Australian economy: consumption function of C
= 15 + 0.7Y, investment equal to 8, government expenditure equal to 12, exports equal to 20, and an import function of M = 0.2Y. What is equilibrium real GDP for this economy?

• A)55
• B)110
• C)70
• D)510

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Definitions:

Bowels

Another term for the intestines, which are a part of the digestive system responsible for processing food and waste.

Fluoroscope

A medical imaging device that uses X-rays to create real-time images of the internal structures of the body.

Fluorescent Screen

A screen that emits visible light when exposed to radiation such as X-rays, used in medical imaging.

X-Ray Tube

A device used in X-ray machines to produce X-rays by directing high-energy electrons at a metal target.