Assume the following macroeconomic variable (in 55 billion) for an economy: Y = national income = Aggregate Expenditures Aggregate Expenditures =…

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Assume the following macroeconomic variable (in 55 billion) for an economy:Y = national income = Aggregate Expenditures Aggregate Expenditures = Consumption + Investment + Government Spending +Net Export Assuming that the full employment level in $5,500 billion, determine the change ingovernment spending needed to reach full employment. (Hint: calculate the current GDP, then calculate aggregate expenditures usingnational income of $5,500 and find the difference) Consumption (80% of disposable or after tax income) + C = $300 + 0.8 (Y -$300 T) ax 20% of income InvestmentGovernment SpendingExports Imports 0.1 (Y – T)

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