Question

1.2 Expert economists in the economy of Bongo estimate the
following:
Billion Bongos
Real output/income
1,200
Government purchases
300
Total net taxes
300
Investment spending (planned)
200
Assume that Bongoliers consume 80 percent of their
disposable incomes and save 20 percent.
a. You are asked by the business editor of the Bongo Tribune
to predict the events of the next few months. By using the
data given, make a forecast. (Assume that investment is
constant.)
b. If no changes were made, at what level of GDP (Y) would
the economy of Bongo settle?​

Answer 1

Explanation:

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