Exports Have the Same Effect on the Current Size of GDP

question 50

Multiple Choice

Exports have the same effect on the current size of GDP as

• A) imports.
• B) investment.
• C) taxes.
• D) saving.

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Definitions:

Bilateral Contract

An agreement between two parties in which each party commits to performing a specific obligation.

Consideration

In a contractual agreement, it is the value or promise that each party agrees to exchange.

Promissory Estoppel

A legal principle that enables a party to recover on a promise made when they have reasonably relied on that promise to their detriment, even if a formal contract does not exist.

Illusory Contract

An agreement that fails to bind at least one of the parties due to the lack of a definite promise or because the terms allow for withdrawal without consequence.