Why is GDP a monetary measure?
What will be an ideal response?
GDP is a monetary measure to make it possible to compare the relative worth of a diverse collection of goods and services over time. It is not possible to count the number of goods and compare them because the types of goods change over time. It is possible to count the number of goods and attach monetary values to them to reflect their relative worth and then compare the value of the output at different points in time.
Economics
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What three factors affect the demand for money?
What will be an ideal response?
Economics
Say's Law refers to the concept that: a. increases in aggregate demand create unionization. b. demand creates its own supply
c. supply creates its own demand. d. flexible wages affect price levels.
Economics