ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Comparative Advantage and Absolute Advantage Analysis
The theory of absolute advantage was given by Adam Smith in the year 1776.
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7) Consider the following Keynesian macroeconomic model Y = C + I + G C = I = 200 + 0.8Y 1000 – 200OR where Y is national income, C is (planned) consumption expenditure, I is investment expenditure, G is government expenditure and R is the interest rate. Use Cramer's Rule to solve for Y*, and evaluate the effect of a USD 50 billion decrease in government spending on national income.
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Transcribed Image Text:7) Consider the following Keynesian macroeconomic model Y = C + I + G C = I = 200 + 0.8Y 1000 – 200OR where Y is national income, C is (planned) consumption expenditure, I is investment expenditure, G is government expenditure and R is the interest rate. Use Cramer's Rule to solve for Y*, and evaluate the effect of a USD 50 billion decrease in government spending on national income.
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