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What is GDP: Gross Domestic Product. GDP measures the:: Total market value of all final goods and services produced in an economy in a given year.. Business spending on physical capital, new homes, and inventories is counted in which component of GDP: investment. What type of GDP is calculated with the current year's prices: Nominal GDP. High levels of GDP per capita indicate..: Higher standard of living. Which of the following is the best measurement of a country's living standard: Real GDP per capita. What is the total value of all final goods and services produced in the economy calculated using the prices of a selected base year? : Real GDP. What is inflation: rise in general prices. The _______ considers the weighted averages of a group of consumer goods and services: Consumer price index. In ________inflation prices rise about 2% annually: Creeping. _____________ inflation is regarded as safe and essential for Economic Growth: Creeping. In _________ Inflation prices rise very fast at double or triple rate: Hyper . Which of the following causes of inflation is often described as “too much money chasing too few goods”? : . Which of the following groups suffer from high inflation: Lenders. Which one of these correctly describes how lenders and borrowers are affected by inflation: lenders hurt, borrowers helped. How can we measure inflation: Consumer Price index. What is the definition of Deflation: A decrease in the general level of prices. Who is most likely to be hurt by inflation: a retiree on a fixed income