Does measuring economic performance involve: (i)estimates; (ii)adjustments;and/or (iii)judgements?
A) (i)and (ii)only
B) (i)and (iii)only
C) (ii)and (iii)only
D) (i), (ii)and (iii)

Question

Quizplus · Accepted Answer

Measuring economic performance involves all three elements: (i) estimates because many economic statistics are based on sample surveys and other methods that involve extrapolating from a smaller population to estimate the entire population, (ii) adjustments because certain statistical methods are used to standardize or adjust data so that they are consistent across sectors or time periods, and (iii) judgments because in some cases, subjective decisions must be made about how to classify or measure certain economic activities. Hence, option (D) is the best choice.

Does Measuring Economic Performance Involve: (I)estimates; (Ii)adjustments;and/or (Iii)judgements