Table 23-6 -Refer to Table 23-6. Using the Table Above,answer the Following

question 6

Essay

Table 23-6

-Refer to Table 23-6. Using the table above,answer the following questions. The numbers in the table are in billions of dollars.
a.What is the equilibrium level of real GDP?
b.What is the MPC?
c.If potential GDP is $4,000 billion,is the economy at full employment? If not,what is the condition of the economy?
d.If the economy is not at full employment,by how much should government spending increase so that the economy can move to the full employment level of GDP?

---

Definitions:

Marked Down

A reduction in the price of an item or product to encourage sale.

Marked Down

A reduction in the original selling price of goods, often to clear old stock or boost sales.

Clearance Sale

A sale event to clear out inventory, often featuring significant reductions in prices to encourage quick sales.

Cost Price

The total cost incurred to produce or purchase an item before any markup or selling expenses are added.