Mario, a Professional Entertainer, Entered into a One-Year Contract with Barnum

question 20

True/False

Mario, a professional entertainer, entered into a one-year contract with Barnum to perform exclusively at Barnum's theatre, and to perform nowhere else during that period of time. A week after the agreement was signed, Mario entered into another agreement with a competitor of Barnum to perform at his opera house. The court may order Mario to continue to perform at Barnum's theatre, because he had promised to work only for him.

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Definitions:

GDP Deflator

An indicator of the price levels for all fresh, domestically created, final goods and services within an economy, utilized to modify nominal GDP for the determination of real GDP.

Real GDP

The total value of all goods and services produced within a country, adjusted for inflation, over a specific time period.

Percentage Change

A mathematical calculation that shows how much a quantity has increased or decreased as a proportion of its previous value.

GDP Deflator

An economic measure of inflation that divides the nominal GDP by the real GDP and multiplies by 100, showing how much prices have changed over a specified time.