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Refer to the Graph Shown

question 11

Multiple Choice

Refer to the graph shown. According to the globalized AS/AD model, which world aggregate supply curve best represents the 2000s? Refer to the graph shown. According to the globalized AS/AD model, which world aggregate supply curve best represents the 2000s? A) WAS<sub>0</sub>, and the United States had a large trade surplus. B) WAS<sub>1,</sub> and the United States had a small trade deficit. C) WAS<sub>2,</sub> and the United States had a small trade surplus. D) WAS<sub>3,</sub> and the United States had a large trade deficit.

Definitions:

Government Subsidy

A government subsidy is financial assistance provided by the government to individuals, organizations, or industries to encourage or protect certain activities or products.

Market Price

The existing market rate for acquiring or selling a service or asset in the open market.

Subsidy

Financial assistance provided by the government or a public body to support businesses, reduce prices, or encourage a particular economic activity.

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