Question

when economists talk about a countrys gdp, they are measuring the total value of all goods and services produced within that country in a year. what does gdp stand for?
general development plan
gross domestic product
government debt policy
global demand projection
question 16
in economics, what does the term inflation mean?
a general rise in the prices of goods and services over time
a decrease in the money supply in the economy
an increase in peoples wages without any change in prices
a sudden drop in stock market values
question 17
in economics, what is a good?

Explanation:

• GDP: In economics, GDP is a well - known term. Gross Domestic Product measures the total value of all final goods and services produced within a country's borders in a specific time period (usually a year).
• Inflation: By definition, inflation is a general increase in the prices of goods and services over time. A decrease in the money supply is more related to deflationary or contractionary monetary policy concepts. An increase in wages without price change is not inflation. A sudden drop in stock market values is a stock - market - specific event and not the definition of inflation.

Answer:

• For the GDP question: Gross Domestic Product.
• For the inflation question: A general rise in the prices of goods and services over time.