Nominal Gross Domestic Product Is Based On

question 81

Multiple Choice

Nominal gross domestic product is based on:

• A)the existing prices at which final goods and services are actually sold.
• B)prices of final goods and services adjusted for inflation.
• C)prices at which intermediate goods are sold.
• D)none of these.

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Definitions:

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The principle that individuals have the liberty to enter into contracts of their choosing without undue government restriction.

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Institutions vested with the power to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters.

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Principles and standards that guide government actions and decisions in order to serve the best interests of the general public or certain groups within it.

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A mutual understanding or arrangement between two or more parties, often formalized by a contract or other legal document.