The Demand for Output in a Closed Economy Is the Sum

question 61

Multiple Choice

The demand for output in a closed economy is the sum of:

• A)public saving and private saving.
• B)the quantity of capital and labour and production technology.
• C)consumption, investment, and government purchases.
• D)government purchases and transfer payments minus tax receipts.

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Definitions:

Soybeans

Refers to a type of legume native to East Asia, widely grown for its edible bean which has numerous uses.

Comparative Advantage

The ability of a country or individual to produce a particular good or service at a lower opportunity cost than others.

Absolute Advantage

The capability of a country, individual, company, or region to produce a good or provide a service more efficiently than its competitors when using the same amount of resources.

Soybeans

A type of legume native to East Asia, widely grown for its edible bean which has numerous uses.