An Increase in Nominal U

question 44

True/False

An increase in nominal U.S. GDP necessarily implies that the United States is producing a larger output of goods and services.

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Definitions:

Privity Rule

A principle in contract law that states that contracts are private agreements between the parties who have entered into them, affecting no third parties.

Thing or Benefit

Refers to any item of value or advantage that is provided or promised in a transaction or agreement.

Unconscionable Contracts

Agreements that are so unfairly one-sided that they are deemed immoral or unjust and are therefore unenforceable under the law.

Unconscionability

A doctrine in contract law that describes terms that are so unjustly one-sided that they are considered shockingly unfair or oppressive.