According to St

question 27

Multiple Choice

According to St.Augustine,humans can have conceptions of the past and future because:

• A)we are made in God's image
• B)we live in the eternal present
• C)the remnants of sensory experiences are remembered and can be reflected on (the past)or used to anticipate events (the future)
• D)man is the measure of all things

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Definitions:

Equilibrium GDP

The level of GDP at which total supply and total demand in the economy are equal, resulting in no inherent tendency for the economy to change its level of output.

Full Employment GDP

The maximum output that an economy can produce without causing inflation, when all available resources are utilized efficiently.

Keynes

From the UK, this economist's theories ushered in a new era for macroeconomic practice and governmental economic policy-making.

The Classicals

Economists from the 18th and 19th centuries who laid the foundations of classical economics, focusing on free markets and self-regulating economies.