If in the Same Period Output Doubles and the Price

question 49

True/False

If in the same period output doubles and the price level remains the same, nominal GDP doubles.

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Definitions:

Loans

Borrowed money that must be repaid, typically with interest, according to agreed terms and conditions.

Percentage

A proportion or share in relation to a whole, represented as a number out of 100.

Receivables Basis

An accounting method that recognizes revenue when related receivables are actually or constructively received.

Allowance Account

A contra account related to accounts receivable that represents the estimate of receivables that are likely to be uncollectible.