GROWTH DEVELOPMENT CHILD
GROWTH AND DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -As an economy grows, businesses and consumers spend more money on goods and services. In the growth stage of an economic cycle, demand typically outstrips the supply of goods, and producers can raise their prices. As a result, the rate of inflation increases.
Detailed explanation-2: -The most common way to measure the economy is real gross domestic product, or real GDP. GDP is the total value of everything-goods and services-produced in our economy. The word “real” means that the total has been adjusted to remove the effects of inflation.
Detailed explanation-3: -Economists believe inflation is the result of an increase in the amount of money relative to the supply of available goods. While high inflation is generally considered harmful, some economists believe that a small amount of inflation can help drive economic growth.
Detailed explanation-4: -Different methods, such as Gross National Product (GNP) and Gross Domestic Product (GDP) can be employed to assess economic growth. Gross Domestic Product measures the value of goods and services produced by a nation.