Use the table below to answer the following questions.
Table 11.3.1
The following table shows the relationship between aggregate planned expenditure and real GDP in the hypothetical economy of Econoworld.

-Refer to Table 11.3.1.The equilibrium level of real GDP is
A)$600 billion.
B)$550 billion.
C)$525 billion.
D)$450 billion.
E)$500 billion.

Question

Use the table below to answer the following questions.
Table 11.3.1
The following table shows the relationship between aggregate planned expenditure and real GDP in the hypothetical economy of Econoworld.
 
-Refer to Table 11.3.1.The equilibrium level of real GDP is
A)$600 billion. 
B)$550 billion. 
C)$525 billion. 
D)$450 billion. 
E)$500 billion.

Quizplus · Accepted Answer

The equilibrium level of real GDP is where aggregate planned expenditure (APE) and real GDP intersect. In this table, they intersect at $500 billion, which is the equilibrium level of real GDP.

Use the Table Below to Answer the Following Questions