Question

Domestic product (gdp) is the broadest quantitative measure of a nation's total economic activity. .



for example, if an economy's prices have increased by 1% since the base year, the deflating number is 1.01. If nominal gdp was $1 million, gd

Answer 1

Gross Domestic Product (GDP) is the broadest quantitative measure of a nation's total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.

When GDP declines for two consecutive quarters or more, by definition the economy is in a recession. Meanwhile, when GDP grows too quickly and fears of inflation arise, the Federal Reserve often attempts to stimulate the economy by raising interest rates.