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An increase in real GDP can shift
Stare Decisis
A legal principle that mandates courts to follow the rulings of previous cases in similar circumstances to ensure consistency.
Common Law
A body of unwritten laws based on legal precedents established by the courts, influencing the decision-making in similar cases.
Courts of Chancery
Courts that have jurisdiction over matters of equity, including trusts, land use, and the administration of estates, historically separate from courts of law.
Common Law
A legal system based on court precedents and customs, rather than codified written laws.
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Q299: Refer to Figure 16-1.An increase in taxes