The Table Below Shows Total Output for an Economy Over

question 39

Multiple Choice

The table below shows total output for an economy over 3 years.
* millions of dollars
** real GDP measured in millions of 2007 dollars
TABLE 20-7
-Refer to Table 20-7.The nominal Gross Domestic Product in 2013 was

• A)$700 000.
• B)$724 000.
• C)$774 000.
• D)$798 000.
• E)$820 000.

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Definitions:

Rescission

The legal cancellation of a contract, which may release all involved parties from their contractual obligations.

Damages

Monetary compensation awarded by a court to a party who has suffered loss or harm due to the wrongful act or negligence of another.

Fraud

An intentional deception made for personal gain or to damage another individual.

Misrepresentation

A false statement of fact made by one party to another, which, while inducing that party to enter into a contract, leads to its breach.