The Equilibrium Level of GDP in a Private Closed Economy

question 140

Multiple Choice

The equilibrium level of GDP in a private closed economy is where:

• A)MPC = APC.
• B)unemployment is about 3 percent of the labor force.
• C)planned consumption equals saving.
• D)saving equals planned investment.

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Definitions:

Combat Veterans

Military personnel who have engaged in warfare or served in combat zones during their service.

Natural Catastrophes

Major natural events such as earthquakes, floods, hurricanes, or volcanic eruptions that cause significant damage, casualties, and disruption.

Shock Stage

The initial phase in the body's response to stress, characterized by alarm and mobilization of defenses.

Anticonvulsants

Drugs used to treat mania and depression.