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Consider the following information concerning an economy with demand-determined output.There is no government or foreign trade. TABLE 21-7
-Refer to Table 21-7.This economy's equilibrium level of national income is
Food Expenditures
The amount of money spent on food by individuals, households, or countries.
Nation
A large group of people united by common descent, history, culture, or language, inhabiting a particular country or territory.
Total Employment
The total number of people employed in an economy at a given time, including both full-time and part-time workers.
Absolute Number
A value expressed without comparisons, adjustments, or relations, representing a distinct, precise figure.
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