Complete the following table and answer the next question(s) on the basis of the resulting data.All figures are in billions of dollars.
-Refer to the above table.For the open economy the equilibrium GDP and the multiplier will be:
Definitions:
Scientific Method
a systematic approach to research and experiment that involves observation, hypothesis formation, experimentation, and the analysis of data to reach conclusions.
Testable Hypothesis
A statement that makes a specific prediction that can be verified or falsified through experimentation or observation.
Research Method
The systematic approach, technique, or way of planning and conducting scientific investigations in any given field of study.
Scientific Theories
Well-substantiated explanations of some aspect of the natural world, based on a body of facts that have been repeatedly confirmed through observation and experiment.
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