Question

part 3 name that measure
directions in the answers column match the following economic measures with their descriptions.
a. gross domestic product (gdp) c. consumer price index (cpi)
b. unemployment rate d. retail sales
answers

1. compares the prices of a group of selected items each year to some earlier year
2. the total dollar value of all final goods and services produced each year in a country
3. monthly measure of the sales of durable and nondurable goods bought by consumers
4. the most widely used measure of national output
5. the percentage of people in the labor force who are willing to work, are looking for work, but unable to find work

Explanation:

• 23: The Consumer Price Index (CPI) compares the prices of a basket of selected items each year to a base - year.
• 24: Gross domestic product (GDP) is the total dollar value of all final goods and services produced each year in a country.
• 25: Retail sales is a monthly measure of the sales of durable and nondurable goods bought by consumers.
• 26: GDP is the most widely - used measure of national output.
• 27: The unemployment rate is the percentage of people in the labor force who are willing to work, looking for work, but unable to find work.

Answer:

1. C. Consumer Price Index (CPI)
2. A. gross domestic product (GDP)
3. D. retail sales
4. A. gross domestic product (GDP)
5. B. unemployment rate