Money Quiz Flashcards
1
Q
GDP
A
Gross domestic product
2
Q
Real gdp
A
Accounting for changes over the years
3
Q
Nominal gdp
A
The gdp as it is in the moment
4
Q
Money
A
A neutral means of exchange
5
Q
fallacy of misplaced precision
A
The price is not as reliable
6
Q
Economic growth
A
An increase in real GDP
7
Q
3 parties involved in money creation
A
Federal reserve system
Banks
Consumers
8
Q
What is one thing GDP cannot due?
A
Wealth distribution or quality of life
