Examlex
Which of the following is described by: one atom of oxygen bonds covalently with two atoms of hydrogen?
Real GDP
The measure of a country's economic output adjusted for price changes (inflation or deflation), providing a more accurate reflection of an economy's size and growth.
Price Level
The average of the current prices of goods and services in an economy, which can influence purchasing power and inflation.
Inflation
The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.
Multiple Counting
The erroneous practice of counting the same item more than once when calculating economic data, such as in measuring GDP.
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