Thank you for visiting Refer to the figure The equilibrium level of real Gross Domestic Product GDP is A 12 trillion B 6 trillion C 7 trillion D 20. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
The equilibrium level of real Gross Domestic Product (GDP) is $12 trillion.
Gross Domestic Product (GDP) is the monetary value of all the final goods and services produced within a country's borders in a specific time period, usually a year. It measures the economic output of a country and is considered a key indicator of its economic health. GDP is calculated by adding up the total value of all goods and services produced, which includes consumer spending, government spending, business investments, and net exports.
In the given figure, the equilibrium level of real GDP is at the intersection of aggregate demand (AD) and aggregate supply (AS) curves. It is at the point where the quantity of real GDP demanded is equal to the quantity of real GDP supplied. In this case, the equilibrium level of real GDP is $12 trillion, which is the point where AD and AS curves intersect. At this point, there is no excess demand or supply of goods and services in the economy, and the economy is in equilibrium.
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