Use the following information on economy X to answer the questions below.

Consumption function: C = 550 + 0.6Y

Investment spending: I = 250

Government spending: G = 300

Exports of goods and services: X = 300

Imports of goods and services: Z = 150

Proportional tax rate: t =25%

Marginal propensity to import = 20%

Q.4.1.1

Calculate total autonomous spending for economy X.

Q.4.1.2

Calculate the multiplier for economy X.

Q.4.1.3

Calculate the equilibrium income for the economy.

Q.4.1.4

Calculate the budget surplus or deficit at the equilibrium level of income.