Use the table below to answer the following questions.
Table 27.3.1
The following table shows the relationship between aggregate planned
expenditure and real GDP in the hypothetical economy of Econoworld.

-Refer to Table 27.3.1. The equilibrium level of real GDP is
A)$525 billion.
B)$550 billion.
C)$450 billion.
D)$500 billion.
E)$600 billion.

Question

Use the table below to answer the following questions.
Table 27.3.1
The following table shows the relationship between aggregate planned
expenditure and real GDP in the hypothetical economy of Econoworld.
 
-Refer to Table 27.3.1. The equilibrium level of real GDP is
A)$525 billion. 
B)$550 billion. 
C)$450 billion. 
D)$500 billion. 
E)$600 billion.

Quizplus · Accepted Answer

The equilibrium level of real GDP is where aggregate demand equals aggregate supply. Without the table, we assume $500 billion is the equilibrium based on typical textbook examples.

Use the Table Below to Answer the Following Questions