If the Nominal GDP Is $12

question 46

True/False

If the nominal GDP is $12.5 trillion for a given year and the GDP deflator for that year is 111,then the real GDP is approximately $11.261 trillion.

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Definitions:

Statute of Frauds

A legal concept that requires certain types of contracts to be executed in writing and signed by all parties involved to be legally enforceable.

Main Purpose Doctrine

A legal principle stating that if the main purpose of a guarantor to provide a guarantee is to serve their own interests, they may not require the benefit of the creditor first exhausting remedies against the principal debtor.

Leading Object Rule

A legal principle that allows for the enforcement of oral contracts that are unenforceable under the Statute of Frauds if they are admitted to in court by the party against whom the contract is sought to be enforced.

Usage of Trade

Established customs and practices commonly observed and accepted in a particular industry or trade.