Yes Yes. see description of Android white paper:
You can create a list of digital goods that are associated with your application, including one-time items and recurring subscriptions. For each item, you can define information, for example, a unique product identifier (also called its SKU), product type, price, description and how to use Google Play. track purchases for this product.
This means that there are two types:
Standard products in the application (one-time payment)
Subscriptions, (recurring, automatic billing)
See the detailed document here:
http://developer.android.com/google/play/billing/index.html
Hope this can help you.
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