Which of the following are key economic statistics that are used to describe the state of the macroeconomy?I) Gross domestic productII) The unemployment rateIII) InflationIV) Consumer sentimentV) The budget deficit
A) I, II, and V
B) I, III, and V
C) I, II, and III
D) I, II, III, and V
E) I, II, III, IV, and V

Question

Quizplus · Accepted Answer

Gross domestic product (GDP), the unemployment rate, inflation, consumer sentiment, and the budget deficit are all key economic statistics used to describe the state of the macroeconomy. GDP measures the total value of goods and services produced, the unemployment rate indicates the percentage of the labor force that is jobless and seeking employment, inflation measures the rate at which the general level of prices for goods and services is rising, consumer sentiment reflects how consumers feel about the economy's health, and the budget deficit shows the difference between what the government spends and what it earns.

Which of the Following Are Key Economic Statistics That Are