-What Was the Doctrine of Nullification

question 25

Multiple Choice

-What was the doctrine of nullification?

• A) the belief that states should secede from the Union if federal power becomes too great
• B) the belief that states have the right to void federal laws deemed unconstitutional
• C) the belief that only federal courts have the final word on the constitutionality of legislation
• D) the belief that all legislation should be tested in court before being considered law

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Definitions:

GDP Deflator

An indicator of the price levels for all newly produced domestic final goods and services within an economy, utilized for transforming nominal GDP into real GDP.

Inflation

A universal surge in prices and a dip in the value of monetary assets.

Real GDP

The measure of a country's economic output adjusted for price changes or inflation.

Value Added

The increase in the value of a product or service as a result of a particular process, excluding the costs of raw materials and energy.