If Nominal GDP Is $600 Billion And, on the Average

question 95

Multiple Choice

If nominal GDP is $600 billion and, on the average, each dollar is spent three times per year, then the amount of money demanded for transactions purposes will be

• A) $1,800 billion.
• B) $600 billion.
• C) $200 billion.
• D) $1,200 billion.

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Definitions:

Substantial Performance

Substantial performance refers to a situation where a party has fulfilled enough of their contractual obligations to warrant payment, even if minor elements are still uncompleted.

Strict Performance

A legal concept that requires parties to completely fulfill the obligations of a contract without deviation.

Unconditional Duty

An obligation that must be fulfilled without any conditions or stipulations.

World Famous

describes a person, place, or thing that is widely recognized and honored across the globe.