Refer to the information provided in Table 24.8 below to answer the question(s) that follow.
Table 24.8
All Figures in Billions of Dollars

-Refer to Table 24.8. The equilibrium level of income is

Question

Refer to the information provided in Table 24.8 below to answer the question(s) that follow.
Table 24.8
All Figures in Billions of Dollars
 
-Refer to Table 24.8. The equilibrium level of income is

Quizplus · Accepted Answer

The equilibrium level of income is where the aggregate expenditure (AE) equals the gross domestic product (GDP). In this table, the level of AE is $3,600 billion at the intersection of the 45-degree line and the AE curve. Therefore, the equilibrium level of income is $3,600 billion.

Refer to the Information Provided in Table 24