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Consider the following economic data to answer #10-13.
Unemployment rate= 4%
Actual GDP= $17 trillion
Growth rate= 2%
Potential GDP= $20 trillion
Marginal Propensity to consume=.7
Based on the data, answer the following:
(5) 10. What data indicate there is a problem and why?
(2) 11. How much and what kind of gap is this economy experiencing?
(3) 12. State a fiscal policy option to fix the problem. State a monetary policy option to fix the problem.
(5) 13. How much must spending change to close the gap? Show your calculations. (Hint: don’t forget the multiplier effect)
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