In a Classical Model

question 148

Multiple Choice

In a classical model

• A)equilibrium real GDP is supply determined.
• B)equilibrium real GDP is demand determined.
• C)equilibrium real GDP is determined by both aggregate supply and aggregate demand.
• D)equilibrium real GDP is neither determined by aggregate supply nor by aggregate demand.

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Definitions:

Welfare Reforms

Changes or amendments to a country’s welfare policy aimed at improving the effectiveness and efficiency of its social security and aid programs.

Welfare Benefits

Financial assistance or services provided by the government to support individuals or families, especially those in financial need.

Time Limit

A fixed or set period within which something must be started, completed, or achieved.

Income Inequality

The imbalanced sharing of income among participants in an economy, affecting individuals and households differently.