Assume an Economy Which Is Producing Only One Product

question 49

Multiple Choice

Assume an economy which is producing only one product.Output and price data for a three-year period are as follows. Refer to the above data.The nominal GDP for year 3 is:

• A)125 percent higher than the nominal GDP for year 1.
• B)50 percent higher than the nominal GDP for year 1.
• C)120
• D)30

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Definitions:

Injunction

A legal order issued by a court that directs an individual or entity to do or to refrain from doing a specific act, used to prevent harm or to preserve the status quo pending a final determination of the case.

Specific Performance

A legal remedy requiring a party to execute a contract as agreed, rather than paying damages for non-performance.

Specific Performance

A legal remedy that compels a party to execute a contract according to the precise terms agreed upon, rather than awarding damages for breach.

Punitive Damages

Financial compensation awarded to a plaintiff in a lawsuit, intended to punish the defendant for particularly harmful behavior.