A Producer Is Relieved of Strict Liability in Tort If

question 318

True/False

A producer is relieved of strict liability in tort if it can show that it used all possible care to construct the product in question.

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Definitions:

Government Purchases

Expenditures by the government sector for goods and services that government consumes in providing public services and for public capital that has long-term usage.

Consumption

The total amount of goods and services consumed by households over a specific time period.

Nominal GDP

The total worth of all end products and services made inside a nation over a specified time frame, valued at present-day prices.

Real GDP

Measure of a country's economic output adjusted for price changes (inflation or deflation), representing the value of all goods and services produced over a specific time period at constant prices.