The primary value of data for real GDP lies in its ability to
A) reflect the welfare of a society relative to a previous period.
B) compare a nation's productivity during two periods widely separated in time.
C) indicate short-term changes in the output rate of a nation.
D) indicate how hard the people of a nation are working.

Question

Quizplus · Accepted Answer

Data for real GDP is used to indicate short-term changes in the output rate of a nation. It measures the value of goods and services produced in an economy over a period of time and is often used as a key indicator of economic health. While it can also reflect changes over longer periods of time and be used for international comparisons, its primary value lies in its ability to show changes in a country's economic output in the short-term.

The Primary Value of Data for Real GDP Lies in Its