When real GDP is zero, investment is $2.0 trillion, government expenditure is $1.5 trillion, exports are $1.5 trillion, and consumption expenditure is zero. Aggregate expenditure (trillions of 2012 dollars) 7.0- Draw a line that shows autonomous expenditure. Label it A. 6.0- What is consumption expenditure minus imports, which varies with real GDP called? 5.0- O A. actual expenditure 4,0- OB. domestic expenditure OC. aggregate expenditure 3.0- O D. induced expenditure 2.0- 1.0- 0.0- 0.0 1.0 2.0 3.0 4.0 5.0 6.0 8.0 Real GDP (trillions of 2012 dollars) >>> Draw only the objects specified in the question.

When real GDP is zero, investment is $2.0 trillion, government expenditure is $1.5 trillion, exports are $1.5 trillion, and consumption expenditure is zero. Aggregate expenditure (trillions of 2012 dollars) 7.0- Draw a line that shows autonomous expenditure. Label it A. 6.0- What is consumption expenditure minus imports, which varies with real GDP called? 5.0- O A. actual expenditure 4,0- OB. domestic expenditure OC. aggregate expenditure 3.0- O D. induced expenditure 2.0- 1.0- 0.0- 0.0 1.0 2.0 3.0 4.0 5.0 6.0 8.0 Real GDP (trillions of 2012 dollars) >>> Draw only the objects specified in the question.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Definition of GDP and explanation of why this is equal to national income [ an explanation of how expenditure approach and income approach to GDP are related ]
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