Nominal GDP Is

question 69

Multiple Choice

Nominal GDP is

• A) the sum of all monetary transactions that occur in the economy in a year.
• B) the sum of all monetary transactions involving final goods and services that occur in the economy in a year.
• C) the amount of production that occurs when the economy is operating at full employment.
• D) money GDP adjusted for inflation.

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Definitions:

Felony

A serious criminal offense that is punishable by a sentence of more than one year in prison or by death.

Misdemeanor

A crime that is less serious than a felony and is punishable by a fine and/or imprisonment for less than one year.

Petty Offense

A minor crime that is usually punishable by a fine or a short term of imprisonment.

Mistake-of-Fact

A misunderstanding of a factual situation that can affect the validity of a contract.