Consider planned aggregate expenditure model (in a closed economy


Consider planned aggregate expenditure model (in a closed economy and lump-sum taxes): planned investment, I = $1 trillion; government spending G = $2 trillion; Taxes are equal to $2.5 tillion; the consumption function, C(Y-T)= $2trillion + 0.8(Y-T). At the equilibrium level of output, what is the equilibrium level of consumption? $2.4 trillion $4 trillion $12 trillion $15trillion $20 trillion $22 trillion

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