Question 1 (1 point) Suppose a closed economy has an intended investment of 200 and an aggregate consumption function given by C = 250 + 0.75Yd. Suppose also that the government spends 200 but collects no taxes. What is equilibrium output and income? (round your answer to the nearest whole value) Your Answer: Answer Question 2 (1 point) Suppose a closed economy has an aggregate consumption function given by C = 300 + 0.75Yd and generates $2300 output and income in equilibrium. Suppose also that the government collects a lump-sum tax of 100. How much will the private sector be saving total in equilibrium? (round your answer to the nearest whole value) Your Answer: Question 3 (1 point) Suppose a closed economy generates $2100 output and income in equilibrium. Suppose also that the government spends 500 and imposes a lumpsum tax of 50. By how much is the government in deficit? (round your answer to the nearest whole value) Your Answer: :] Answer Question 4 (1 point) Suppose a closed economy has an aggregate consumption function given by C = 100 + 0.50Yd and generates $2300 output and income in equilibrium. Suppose also that the government spends 450 and imposes a lump-sum tax of 100. What is the level of intended investment? (round your answer to the nearest whole value) Your Answer: [: Question 5 (1 point) Suppose a closed economy has an aggregate savings equal to 200 and intended investment equal to 500. By how much must the government be in surplus? (round your answer to the nearest whole value) Your Answer: :] Answer Question 6 (1 point) Suppose a closed economy with no government spending or taxing initially. Suppose also that intended investment is equal to 150 and the aggregate consumption function is given by C = 300 + 0.75Y. And suppose that, if at full employment, the economy would produce an output and income of 3800 By how much would the government need to raise spending (G) to bring the economy to full employment? (round your answer to the nearest whole value) Your Answer: Question 7 (1 point) Suppose a closed economy with no government spending which in equilibrium is producing an output and income of 2050. Suppose also that the marginal propensity to consume is 0.75, and that, if at full employment, the economy would produce an output and income of 3100 By how much would the government need to cut taxes (T) to bring the economy to full employment? (round your answer to the nearest whole value) Your Answer: :]