For many years the law has required that certain kinds of contracts, such as those involving $500 or more, be in writing to be enforceable. Should the amount of $500 be increased to reflect the effects of inflation

Yes

Explanation:

Since it has been for many years that the law has required that certain kinds of contracts, such as those involving $500 or more, be in writing to be enforceable, the amount of $500 should be increased to reflect the effects of inflation.

Recall that Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation, while Real GDP is nominal GDP, adjusted for inflation to reflect changes in real output.

Finally such adjustments will also take into account the true value and time value of money

answera major piece of legislation affecting the financial industry and containing significant privacy provisions for individuals;