INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 84

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-[The Wage Earner Plan | Straight Bankruptcy] involves some type of debt restructuring.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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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.