A Simple Keynesian Model Is Representative of a Closed Economy,with

question 3

True/False

A simple Keynesian model is representative of a closed economy,with no foreign sector.

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Definitions:

Festinger and Carlsmith

refers to the researchers Leon Festinger and James M. Carlsmith, known for their classic 1959 study on cognitive dissonance, showing how inconsistencies between attitudes and behaviors lead to psychological discomfort and a drive to resolve it.

Festinger's Report

Refers to works by social psychologist Leon Festinger, notably involving his theory of cognitive dissonance which highlights the discomfort felt at having conflicting beliefs or behaviors.

Prophecy

A prediction or message that is claimed to have been communicated to a prophet, often involving the foretelling of future events.

Disbanded

The process or action of dissolving a group or organization, causing it to cease to exist as a structured entity.