8. Comparing total expenditures and total production The following graph shows total production (TP) and total expenditures (TE) for a hypothetical economy. Suppose Real GDP is $450 billion. TOTAL EXPENDITURE (Bons of dollars) 500 475 X 37 400 425 REAL GOP (ons of dollars) 450 425 400 375 350 321 300 300 (TP-Real GOP) 325 350 TE 450 475 500
8. Comparing total expenditures and total production The following graph shows total production (TP) and total expenditures (TE) for a hypothetical economy. Suppose Real GDP is $450 billion. TOTAL EXPENDITURE (Bons of dollars) 500 475 X 37 400 425 REAL GOP (ons of dollars) 450 425 400 375 350 321 300 300 (TP-Real GOP) 325 350 TE 450 475 500
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Production And Growth
Section: Chapter Questions
Problem 5CQQ
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