The most formal attire for a wedding is white tie and if you receive a wedding invitation in the mail that says white tie is required, you're pretty restricted as to what you should and should not wear.
Figure 11.5 Inflation and Money Growth in the Long Run examines annual growth rates based on observing the money supply and the price level at five-year intervals. The first observation is the annual growth rate for the period starting in January 1959 and ending in January 1964.omparing these two figures, you can see that the relationship between money growth and inflation is much tighter when we examine five-year periods, as in Figure 11.5 Inflation and Money Growth in the Long Run , rather than the monthly changes in Figure 11.4 Inflation and Money Growth in the Short Run .
By itself, GDP doesnât necessarily tell us much about the state of the economy, but change in GDP does. If GDP (after adjusting for inflation) goes up, the economy is growing; if it goes down, the economy is contracting. Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to net out the effect of inflation on the price of the goods and services produced.