In a Private Closed Economy, the Equilibrium Condition for the Economy

question 35

Multiple Choice

In a private closed economy, the equilibrium condition for the economy is:

• A) AE = C + Ig = GDP
• B) AE = G + Ig = GDP
• C) AE = C + Ig + G = GDP
• D) C + Ig + G + NX = GDP

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Definitions:

Incompetent

Lacking the necessary skills, capacities, or qualifications to perform a required task or duty effectively.

Sole Survivor

An individual who is the only person to emerge alive from a disaster, accident, or other event in which others have perished.

Life Tenant

An individual who has the right to use and benefit from a property during their lifetime, but does not own the property outright.

Trust Investment

A financial arrangement where assets are managed by one party for the benefit of another under a legally established trust.