Equilibrium Is the Point Where Total Spending Equals Total Output

question 65

True/False

Equilibrium is the point where total spending equals total output, or GDP.

---

Definitions:

Strikes

Work stoppages initiated by employees to protest against policies or conditions of their employers.

U.S. Economy

Refers to the economic system of the United States, characterized by a mixed economy that includes private freedom, combined with centralized economic planning and government regulation.

Labor Unions

Organizations formed by workers in various industries to protect and advance their rights, wages, benefits, and working conditions through collective bargaining.

Members

Individuals or entities that are part of a group, organization, or system with certain rights, responsibilities, or roles.