Chapter 13, Problem 5AA

To determine

To choose: The term that best completes the given sentence.

Explanation of Solution

The correct answer is ‘a-statistics’.

The size of a nation's total economy is typically determined by its gross domestic product or GDP, the amount of all the production that is ready to use generated in a country in the year in question. There are three methods to estimate the country’s production of GDP, the method of expenditure and the method of income.

Statistics on economic activity are an economic predictor. Economic indicators allow for economic performance analysis and future performance forecasts. One use of the economic measures is a study of gross domestic product.

Economics Concept Introduction

Introduction: The stem of economics that study the performance and actions of an economy as a whole is macroeconomics. It focuses on economic aggregate adjustments such as rate of growth, unemployment, and inflation gross domestic product.