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Fernando's Choppers owns a building valued at $1,091,000, but has decided to insure it for only $587,000. Their insurance policy stipulates coinsurance of 70%. If a fire were to cause $516,000 in damage, how much would the insurance company pay on the claim?
Full Employment GDP
The level of gross domestic product achieved when the economy is fully employing all available labor and resources, maximizing output.
Aggregate Supply
The aggregate amount of products and services that companies in an economy intend to sell over a particular time frame.
Deficit
A financial situation where expenses exceed income or imports exceed exports.
National Debt
The total amount of money that a country's government has borrowed, by various means, to fund its expenditures beyond what it collects in taxes.
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