The data in columns 1 and 2 in the table below are for a private closed economy.

Instructions: For all parts, enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.

a. Use columns 1 and 2 to determine the equilibrium GDP for this hypothetical economy. $ billion.

b. Now open up this economy to international trade by including the export and import figures of columns 3 and 4. Fill in the gray shaded cells in columns 5 and 6.

Determine the equilibrium GDP for the open economy. $ billion.

What is the change in equilibrium GDP caused by the addition of net exports? $ billion.

c. Given the original $30 billion level of exports, what would be net exports and the equilibrium GDP if imports were $10 billion less at each level of GDP? Fill in the gray shaded cells.

Equilibrium GDP = $ billion.

d. What is the multiplier in this example?.