100 Short Questions and Answers on Global Economy
ЁЯМН 100 Short Questions and Answers on Global Economy ЁЯФ╣ Basic Concepts (1–20) Q: What is the global economy ? A: The worldwide system of economic activities and trade. Q: What is GDP ? A: Gross Domestic Product measures a country's total output. Q: What is GNP? A: Gross National Product includes income earned by nationals abroad. Q: What is inflation ? A: A rise in general price levels. Q: What is deflation? A: A decrease in general price levels. Q: What is recession? A: A period of economic decline. Q: What is economic growth? A: Increase in a country’s production over time. Q: What is per capita income? A: Average income per person. Q: What is globalization? A: Integration of economies worldwide. Q: What is trade? A: Exchange of goods and services. Q: What is export? A: Selling goods to other countries. Q: What is import? A: Buying goods from other countries. Q: What is balance of trade? A: Difference between exports and imports. Q: What is foreign exchange? A: Currency used in...