Adjusting Nominal Gross Domestic Product (GDP) for Price Changes from a Base

question 59

Multiple Choice

Adjusting nominal Gross Domestic Product (GDP) for price changes from a base year yields

• A) current Gross Domestic Product (GDP).
• B) real Gross Domestic Product (GDP).
• C) constant disposable income.
• D) Gross Domestic Product (GDP) net of relative price changes.

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Definitions:

Promissory Estoppel

Promissory estoppel is a legal doctrine that can enforce a promise in the absence of a formal contract when a party has relied on that promise to their detriment.

Consideration

Something of value that is exchanged between parties in a contract, making the agreement legally binding.

Preexisting Contract

A legal agreement that was created and became effective before the current discussion or issue.

Additional Consideration

Extra benefits or compensation provided to one party in a contract to modify or amend the original terms.