Question Description
Help me study for my Economics class. I’m stuck and don’t understand.
- What is the definition of GDP and GDP per capita? What was the value of GDP and GDP per capita for US and China in 2014? What was the GDP growth rate for US and China in 2014?
- What is the consequence of deflation in terms of aggregate demand?
Explanation & Answer
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Running head: ECONOMICS
1
Economics
Student Name
University
Course Title
Date
ECONOMICS
2
Economics
GDP stands for Gross Domestic Product and is an economic indicator employed to
measure the overall economic activity of a nation. Concretely, GDP is the sum of the
monetary values of all finished goods and services produced in a given country for a specific
period of time (Reinsdorf & Yuskavage, 2018). GDP per capita, on the other hand, is the
Gross Domestic Product per person in a given country. GDP per capita is ob...
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