Question: A professional gathered macro-level data between 2020 and 2021. David found that the gradual reopening of the economy after global COVID-19 shutdowns has led to

A professional gathered macro-level data between 2020 and 2021. David found that the gradual reopening of the economy after global COVID-19 shutdowns has led to a historically rapid economic recovery. U.S. personal consumption expenditures had increased from $16.5 trillion in 2020 to $17.8 trillion in 2021. Real GDP increased from $23.3 trillion in 2020 to $25.4 trillion in 2021. Fixed private domestic investment spending was equal to $4.5 trillion. Taxes remained constant at $4.9 trillion. In order to simplify the model, David assumed that net export and government spending are equal to zero (although the value of net export in the U.S. is negative in general) David also assumed that the price level is fixed across two years. Answer the following questions.

What is the income-expenditure equilibrium real GDP for the U.S. economy during this period?

Calculate the equilibrium value

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