In the keynesian-cross model, if the mpc equals 0.75, then a $1 billion increase in government spending increases planned expenditures by and increases the equilibrium level of income by

$1 billion spending increased expenditure by $1 billion and increase income by $4 billion

Explanation:

Spending Multiplier = \frac{1}{1 - MPC}

                                 = \frac{1}{1 - 0.75}

                                 = \frac{1}{0.25} = 4. Therefore,

$1 billion spending increased expenditure by $1 billion and increase income by $4 billion because

income = increment in spending * multiplier

here

increment in spending is $1 billion hence income will be more than spending

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