In a Private Closed Economy, When Aggregate Expenditures Equal GDP

question 116

Multiple Choice

In a private closed economy, when aggregate expenditures equal GDP,

• A) consumption equals investment.
• B) consumption equals aggregate expenditures.
• C) planned investment equals saving.
• D) disposable income equals consumption minus saving.

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Definitions:

Religious Ideology

A set of beliefs, values, and practices based on spiritual texts and traditions, shaping an individual's or group's view of the world and guiding their behavior.

Capitalism

An economic system characterized by private ownership of the means of production and the pursuit of profit, where goods and services are produced for exchange in competitive markets.

Socialism

A political and economic theory advocating for collective or governmental ownership and administration of the means of production and distribution of goods.

Double-Consciousness

A term coined by W.E.B. Du Bois to describe the internal conflict experienced by subordinated groups in an oppressive society, particularly African Americans in the United States.