The Table Shows a Private Closed Economy

question 31

Multiple Choice

The table shows a private closed economy. All figures are in billions of dollars. Refer to the table above. If the real rate of interest is 2%, then the equilibrium level of GDP will be:

• A) $800 billion
• B) $1000 billion
• C) $1200 billion
• D) $1400 billion

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Definitions:

Personal Factors

Individual characteristics such as age, income, education, and personal values that influence a person's behavior and decisions.

Consumer Behavior

The study of how individual customers, groups, or organizations select, buy, use, and dispose goods, services, ideas, or experiences to satisfy their needs and desires.

Self-concept

An individual's perception of self, including knowledge about the self, such as beliefs regarding personality traits, physical characteristics, abilities, values, goals, and roles.

Secondary Data

Information that was collected for a purpose other than the current research interest, often used in analysis or study.