If Real Gross Domestic Product (GDP) Is at an Equilibrium

question 328

Multiple Choice

If real Gross Domestic Product (GDP) is at an equilibrium level in a closed economy,

• A) real GDP equals the sum of consumption, investment, and government purchases.
• B) saving will be less than planned investment.
• C) unplanned inventory accumulation will equal planned inventory accumulation.
• D) real GDP equals the sum of consumption and investment minus government purchases.

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Definitions:

Statement of Defence

A legal document filed in court by the defendant, outlining their defense against the claims made in a lawsuit.

Counterclaim

A legal claim brought against the plaintiff by the defendant in a lawsuit, essentially a reverse lawsuit within the original legal action.

Writ of Summons

A legal document issued to initiate court proceedings, formally notifying the defendant of the action against them and requiring their response.

Statement of Claim

A statement of claim is a legal document filed in court that outlines the plaintiff's allegations against the defendant, serving as the initial step in a legal action.