The statistic used by economists to measure the value of economic output is the:
A) CPI.
B) GDP.
C) GDP deflator.
D) unemployment rate.

Question

Quizplus · Accepted Answer

GDP (Gross Domestic Product) is the statistic used by economists to measure the value of economic output. It represents the total value of all goods and services produced in a country within a given period of time. CPI (Consumer Price Index) and GDP deflator are used to measure inflation, while the unemployment rate measures the proportion of the labor force that is unemployed.

The Statistic Used by Economists to Measure the Value of Economic