ou are given the following information about the econ- omy of country A in 2015 (all in billions of US dollars): Consumption function: C = 50+ 0.8Y/ Taxes: T= -50 +0.2Y I = 75 Y=Y-T Investment function: 4 Disposable income: Government spending: Equilibrium: G = 50 Y=C+I+G a. Find the equilibrium level of aggregate output and the public deficits incurred by country A in 2015. b. Suppose the government has just ratified a treaty that obliges it to balance its budget, and immediately adjust deficits through spending cuts. So the government de- cides to cut its spending by the amount of the deficit this year. Does this erase the deficit? Why or why not?