Use the Following to Answer Questions

question 157

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 Y= $6,000 billion, what is the value of consumption and planned investment?

• A) C = $3,000 billion, I_P = $3,000 billion
• B) C = $4,000 billion, I_P = $2,000 billion
• C) C = $5,000 billion, I_P = $1,000 billion
• D) C = $6,000 billion, I_P = zero

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