In 2008, Nominal GDP Was Equal to $14,265 Billion While

question 109

Multiple Choice

In 2008, nominal GDP was equal to $14,265 billion while the M1 money supply was $1,423 billion. What was the velocity of the M1 money stock?

• A) 1.0
• B) 10.0
• C) 1.8
• D) 0.1

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Definitions:

Respective Promises

Promises made by two or more parties where each party's promise is considered in regard to, or in relation to, the promises of the other party or parties.

Quasi-Contract

A legal concept where the court imposes a contractual obligation on a party who has not actually entered into a contract, to prevent unjust enrichment.

Mutual Assent

In contract law, the state of mind that exists between an offeror and an offeree once a valid offer has been accepted and once the parties know what the terms are and have agreed to be bound by them. Also known as “a meeting of the minds.”

Unenforceable Contract

A contract that cannot be upheld by a court because of some rule of law.