In the term "real GDP," what does "GDP" stand for and what does it measure? What does "real" indicate?
What will be an ideal response?
GDP stands for gross domestic product and measures the value of the total production of final goods and services. "Real" indicates that the goods and services produced are valued using the prices of the base year, not the current year, and therefore are adjusted for inflation.
Economics
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What would be the economic rationale for homeowners associations to host "yard of the month" awards?
What will be an ideal response?
Economics
If peanuts serve as a medium of exchange, a unit of account, and a store of value, then peanuts are
A) bank deposits. B) reserves. C) money. D) loanable funds.
Economics