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Question: Use the information in the following table to answer the following questions.
Draw a graph by using the numbers from the above table. Carefully label the two axes, the 45-degree line (potential GDP), the AE curve, and the equilibrium level of real GDP. If the potential real GDP is $750, and the economy is in a recession. Show the GDP gap and recessionary gap in the graph.
Y
C
I
G
X
$100
$120
$20
$30
-$10
$300
$500
$480
-$30
$700
$660
-$50
a) What is the MPC?
b) What is the MPI? (change in import = $20)
c) What is the MPS?
d) What is the multiplier?
e) What is the equilibrium level of real GDP?
f) What is the value of autonomous consumption?
(if the potential real GDP is $750)
g) What is the GDP gap?
h) What is the recessionary gap?
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How do you think these factors affected the rate of economic growth in India during this time frame?
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