C+Ig$500400300200100$100300200Real GDP400C+lgC500Refer to the diagram for a private closed economy. At the $200 level of GDP, Multiple ChoiceOOconsumption is $200 and planned investment is $50, so aggregate expenditures are $250.consumption is $250 and actual investment is $50, so aggregate expenditures are $300.aggregate expenditures fall short of GDP, with the result that GDP will decline.consumption is $200 and planned investment is $100, so aggregate expenditures are $300.

A private closed economy refers to an economic system in which all economic activities occur within…

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ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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$500 400 300 200 100 $100 300 200 Real GDP 400 -C+lg 500 Refer to the diagram for a private closed economy. At the $200 level of GDP.