Question: A Fact: Assume in a open economy in which C= 80+ 0.5(Y-T), G = 60, 1 = 30 T = 0, where C is

A Fact: Assume in a open economy in which C= 80+ 0.5(Y-T), G = 60, 1 = 30 T = 0, where C is consumption, I is investment, G is government spending and T are taxes. The statement you need to elaborate on (determine whether true or false): "At equilibrium, Y would be equal to 280?" TRUE/FALSE Indicate whether the above statement is True or False, AND with a couple of sentences (and calculations) explain why.

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