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Question 1)

10 The economy of Morin is shown in the figure below. 10 points The Economy of Morin AD AS 170 eBook 150- Print 130 - Price Level References 110- 70- 460 480 500 520 540 560 600 Real GDPa. If potential GDP (LAS) is $540, and the economy is presently in equilibrium, then there is a(n) |recessionary | gap of $ | billion. b. In order to close this gap aggregate demand must increase by $ billion. c. If every $1 change in government spending leads to a $4 change in aggregate demand, government spending must increase by $ billion. d. Suppose that initially government had a balanced budget. If government increases its spending as in part (c) and tax revenues are 0.25 of real GDP, what will be the government's real budget surplus/deficit at full-employment equilibrium? The government budget would have a deficit v of $ billion.11 The government of Osiris believes in balancing its budget over a seven-year cycle. Over the first six years, it has maintained its spending at $230 billion and its MTR at 0.25. (There are no autonomous taxes in Osiris). Column 2 of the table below shows the level of GDP in each of the first six years in the cycle. 10 points a. Complete the table below. Round your answers to nearest whole number. Skipped (4) (1) (2) (3) GDP Tax Revenue Government (5) Year ($ billion) ($billion) Spending Deficit/Surplus ($billion) eBook 1 950 230 2 850 230 3 830 230 Print 4 920 230 5 940 230 6 References 965 230 Suppose that the estimated level of GDP in Year 7 is projected to be $900. b. What level of government spending (assuming no change in the tax rate) for the government of Osiris to end the seven-year cycle with its budgetary goal on target? Government spending would have to be $ c. Alternatively, what should the new tax rate be (assuming no change in government spending) for the government of Ran to end the seven-year cycle with its budgetary goal on target? Round your answer to 2 decimal places. Tax rate should be changed to%.Check my 12 The figure below shows the aggregate demand, supply, and the government budget line for the economy of Mahdi. The economy is presently at equilibrium. For every $1 change in government spending, aggregate demand changes by $2.50. 10 points Graph A Graph B BL2 AD2 700 150 Book BL3 AD3 140 600 BLY 130 AS 500 Print 120 400 110 300 References 100 Budget balance 200 Price level 90 A 100 80 0 70 -100 60 AD, -200 50 -300 40 400 600 800 1000 1200 1400 1600 1800 2000 2200 400 600 800 1000 1200 1400 1600 1800 2000 2200 2400 Real GDP Real GDP reset reseta. In Mahdi, the present level of GDP is $ and the price level is b. There is an (Click to select) | gap of $ c. The government has a budget (Click to select) | of $ d. Aggregate demand must (Click to select) | by $ in order to move the economy to full-employment equilibrium. e. Draw the new aggregate demand curve, labelled AD2. In graph A above plot only the endpoints of AD2. f. Government spending must (Click to select) ~] by $ in order to move the economy to full-employment equilibrium. g. What effect will this have on the level of GDP and price level? The new GDP will be $ and the new price level will be h. If government makes the change in part (f), draw in the new budget line labelled BL2. In graph B above plot only the endpoints of BL2- i. The new value of the government's budget at this new GDP is a (Click to select) | of $ Returning to the original equilibrium, suppose that government is committed to a balanced budget. j. In order to balance the budget at the present income level government spending should (Click to select) | by $ k. Draw in the new budget line labelled BL3. In graph B above plot only the endpoints of BL3. I. What effect will the change in part (k) have on aggregate demand? Aggregate demand will (Click to select) | bym. Draw in the new aggregate demand curve, labelled AD3. In graph A above plot only the endpoints of AD3. n. As a result of this change in aggregate demand, the value of GDP will be $ and the price level will be o. The new value of the government's budget at this new GDP will be a (Click to select) v of $