Which of the following statistics is the best single measure of overall economic activity?
A)The labor force participation rate.
B)The inflation rate.
C)GDP.
D)The trade surplus.

Question

Quizplus · Accepted Answer

GDP (Gross Domestic Product) is the best single measure of overall economic activity as it represents the total value of goods and services produced within a country's borders in a given time period. It incorporates consumption, investment, government spending, and net exports, providing a comprehensive picture of a country's economic activity. The other options (labor force participation rate, inflation rate, and trade surplus) are important economic indicators but do not give a complete overview of the overall economic activity.

Which of the Following Statistics Is the Best Single Measure