1. Suppose that the model of the economy is given byY=C + I + G + XC= a+ bYdYd=(1 t) YX=g-mY,Where I= $900 billion, G=1,200 billion, and the constants take the following values: a =220, b= 0.9, t= 0.3, g =500, and m =0.1.a. Show that the value of GDP at the point of spending balance is $ 6,000 billion.Compared with the on page 178 with exogenous net exports, is the multiplier larger orsmaller?2. Consider a closed economy model given by the following equations_Y=C + I + GC= 160 + 0.8YdYd=(1 t) Y ZInvestment and government spending are exogenous and each equals 200. Thetax system has two components: a lump-sum tax denoted by Z and an income taxof rate t.a. Assume Z equals 200 and t is 0.25. Find the level of income thatsatisfies spending balance. How much does the government collect intaxes at that level of income? What is the level of government saving?b. Suppose the lump-sum tax is reduced to 100. Find the level of incomeconsistent with spending balance. What is the lump-sum tax multiplier?What are the new levels of tax collections and government saving?
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