Suppose GDP is composed of consumption (C), investment (I), and government spending (G). Round your answers to the nearest whole number. If autonomous consumption is 50, the marginal propensity to consume (MPC) is 0.5, the tax rate is 15 percent, investment is 15, and government spending is 50, then the equilibrium output is 170 If autonomous consumption, MPC, investment, and government spending are unchanged, but the tax rate increases to 0.25, then the equilibrium output would be 184 If autonomous consumption, MPC, and investment are unchanged, but the tax rate increase is accompanied by government spending increasing to 70, then the equilibrium output would be 216

Suppose GDP is composed of consumption (C), investment (I), and government spending (G). Round your answers to the nearest whole number. If autonomous consumption is 50, the marginal propensity to consume (MPC) is 0.5, the tax rate is 15 percent, investment is 15, and government spending is 50, then the equilibrium output is 170 If autonomous consumption, MPC, investment, and government spending are unchanged, but the tax rate increases to 0.25, then the equilibrium output would be 184 If autonomous consumption, MPC, and investment are unchanged, but the tax rate increase is accompanied by government spending increasing to 70, then the equilibrium output would be 216

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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