Real GDP

question 85

Multiple Choice

Real GDP

• A) is always greater then aggregate income.
• B) is equal to aggregate income.
• C) might be less than or more than aggregate income depending on consumption.
• D) is always less than aggregate income.

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Definitions:

Keynesian Economics

An economic theory proposed by John Maynard Keynes, suggesting that government intervention through public policies can influence macroeconomic productivity and stabilize economies.

Neoliberalism

An ideology and policy model emphasizing free-market capitalism, deregulation, and reduction in government spending.

Global Economy

An interconnected world economic system in which goods, services, and labor move across national boundaries with minimal restriction.

Economic Heterogeneity

The existence of variations in economic attributes among individuals, groups, regions, or countries, leading to differences in wealth, income, and economic opportunities.