ses/26076/quizzes/61768/take Chat GPT YouTube f Fa A* Allocate+ Student Canvas UTS $ Homepage | UTS Li... My Student Admin... 10 p Question 1 A simple Keynesian economy is described by the following set of equations: Consumption = 600 + 0.80Y Investment = 400 + 0.10Y Government Spending = 900 Exports = 300 Imports = 200 + 0.15Y Questions 1. What is the autonomous consumption and induced consumption, explain the difference. [2 marks] 2. Calculate the multiplier in this economy. Explain the meaning of the multiplier effect. [2 marks] 3. Find the equilibrium output in this economy. [2 marks] 4. Government decides to increase its expenditure by AG=$100. What would be the resulting change in output? [2 marks] 5. Explain the effect on aggregate expenditure (AE) curve when the government increases its expenditure by AG=$100. [2 marks] Clearly label each of your answers in the text box below. Edit View Insert Format Tools Table 12pt Paragraph BIUAZT msi