Question 1Question 2Suppose that the economy is depicted by the following relationship:Expenditures = C I G Xwhere: C = $100 0.80 (Y−T)G = $500T = $500I = $200X = $250The economy is in equilibrium at a level of real GDP or income of $ _________ (Round your answer to the nearest dollar.)Now suppose that the government decides to increase government spending by $100.What is the new equilibrium level of GDP or income? $_________ (Round your answer to the nearest dollar.)
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