Answer the question on the basis of the following table for a particular country in which C is consumption expenditures,I_g is gross investment expenditures,G is government expenditures,X is exports,and M is imports.All figures are in billions of dollars.Each question is independent of other question using the same table,unless otherwise stated. $\begin{array}{c}\begin{array}{c}\underline{\text {Price Level}}\\128 \\125 \\122 \\119 \\116\end{array}\begin{array}{c}\underline{\text {C}} \\ \$ 18 \\20 \\22 \\24 \\26\end{array}\begin{array}{c}\underline{\mathrm{I}_{\mathrm{g}} }\\ \$ 2 \\4 \\6 \\8 \\10\end{array}\begin{array}{c}\underline{\text {G }}\\ \$ 3 \\3 \\3 \\3 \\3\end{array}\begin{array}{c}\underline{\text {X }}\\\$ 1 \\2 \\3 \\4 \\5\end{array}\begin{array}{c}\underline{\text {M}} \\ \$ 5 \\4 \\3 \\2 \\1\end{array}\begin{array}{c}\underline{\text {Real GDP}} \\ \\\\\\ \\\\\end{array}\end{array}$
Refer to the table.If the amounts of GDP supplied at the price levels shown (in descending order) are $45,$43,$40,$37,and $31,the equilibrium level of real GDP will be:

Question

Answer the question on the basis of the following table for a particular country in which C is consumption expenditures,I_g is gross investment expenditures,G is government expenditures,X is exports,and M is imports.All figures are in billions of dollars.Each question is independent of other question using the same table,unless otherwise stated.

\begin{array}{c}\begin{array}{c}\underline{\text {Price Level}}\\128 \\125 \\122 \\119 \\116\end{array}\begin{array}{c}\underline{\text {C}} \\ \$ 18 \\20 \\22 \\24 \\26\end{array}\begin{array}{c}\underline{\mathrm{I}_{\mathrm{g}} }\\ \$ 2 \\4 \\6 \\8 \\10\end{array}\begin{array}{c}\underline{\text {G }}\\ \$ 3 \\3 \\3 \\3 \\3\end{array}\begin{array}{c}\underline{\text {X }}\\\$ 1 \\2 \\3 \\4 \\5\end{array}\begin{array}{c}\underline{\text {M}} \\ \$ 5 \\4 \\3 \\2 \\1\end{array}\begin{array}{c}\underline{\text {Real GDP}} \\ \\\\\\ \\\\\end{array}\end{array}

Refer to the table.If the amounts of GDP supplied at the price levels shown (in descending order) are $45,$43,$40,$37,and $31,the equilibrium level of real GDP will be:

Quizplus · Accepted Answer

The equilibrium level of real GDP is the level at which the quantity of GDP supplied equals the quantity of GDP demanded. In this case, the quantity of GDP supplied at the price level of 119 is $37 billion, which is also the quantity of GDP demanded at that price level. Therefore, the equilibrium level of real GDP is $37 billion.

Answer the Question on the Basis of the Following Table