Question 21 (1 point) Suppose a closed economy has an intended investment of 200 and an aggregate consumption function given by C = 300 + 0.50Yd. Suppose also that the government spends 50 but collects no taxes. What is equilibrium output and income? (round your answer to the nearest whole value) Your Answer: [: Answer Question 22 (1 point) Suppose a closed economy has an aggregate consumption function given by C = 300 + 0.50Yd and generates $2000 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 23 (1 point) Suppose a closed economy generates $3000 output and income in equilibrium. Suppose also that the government spends 400 and imposes a lump-sum tax of 50. By how much is the government in deficit? (round your answer to the nearest whole value) Your Answer: :] Answer Question 24 (1 point) Suppose a closed economy has an aggregate savings equal to 300 and intended investment equal to 400. By how much must the government be in surplus? (round your answer to the nearest whole value) Your Answer: :] Answer Question 25 (1 point) Suppose a closed economy with no government spending which in equilibrium is producing an output and income of 1200. Suppose also that the marginal propensity to consume is 0.80, and that, if at full employment, the economy would produce an output and income of 3150 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: :]