Statistics such as GDP, the unemployment rate, the rate of inflation and the trade balance are:
A)both microeconomic and macroeconomic
B)neither macroeconomic nor microeconomic, but properly in the realm of political science
C)microeconomic, since they affect individual households and firms
D)macroeconomic, since they tell us something about the entire economy

Question

Quizplus · Accepted Answer

These statistics are all macroeconomic because they provide information about the entire economy, rather than individual households or firms. GDP measures the total value of goods and services produced in a country, the unemployment rate measures the percentage of the labor force that is without work, the rate of inflation measures the overall increase in prices over time, and the trade balance measures the difference between a country's exports and imports.

Statistics Such as GDP, the Unemployment Rate, the Rate of Inflation