03 Jun Question 1. The data in the first two columns below are for a private closed economy. Use this table to answer the
Question
1. The data in the first two columns below are for a private closed economy. Use this table to answer the
following questions.
Real GDP Aggregate
= DI
expenditures Exports
(billions)
(billions)
(billions)
$ 80
120
160
200
240
280
320
360
$100
130
160
190
220
250
280
310
$15
15
15
15
15
15
15
15
Imports
(billions)
$5
5
5
5
5
5
5
5
Net
exports
(billions)
$_____
_____
_____
_____
_____
_____
_____
_____
Aggregate
expenditures
(billions)
$_____
_____
_____
_____
_____
_____
_____
_____
a.
What is the equilibrium GDP for the private closed economy? (1 point)
b.
Including the international trade figures for exports and imports, calculate net exports and determine the
equilibrium GDP for a private open economy. (2 points)
c.
What will happen to equilibrium GDP if exports were $10 billion larger at each level of GDP? (2 points)
d.
What will happen to equilibrium GDP if exports remained at $15 billion, but imports rose to $15 billion?
(2 points)
e.
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