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A Disaster That Destroys a Large Part of the Agricultural

question 43

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A disaster that destroys a large part of the agricultural output of a country will not change long-run aggregate supply, while a disaster that destroys the capital stock in a major city will reduce long-run aggregate supply.


Definitions:

General Bequest

A testamentary gift of a particular amount of money or a specific percentage of the estate, not tied to any particular asset.

Testator

A person who has made a will or given a legacy.

Private Ownership

The legal right held by individuals or entities to own property or businesses, allowing for control and use exclusive of government or public intervention.

Testator's Marriage

The legal union of a person who has made a will, potentially affecting the distribution of their estate upon their death.

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