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Question 20 The primary value of data for real GDP lies in its ability to (1) reflect the welfare of a society relative to a previous period. (2) compare a nation's productivity during two periods widely separated in tim (3) indicate how hard the people of a nation are working. (4) indicate short-term changes in the output rate of a nation. (4)

Ask by Estrada Weston. in Cayman Islands
Feb 03,2025

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The primary value of real GDP data is that it reflects the welfare of a society compared to a previous period.

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The primary value of data for real GDP lies in its ability to reflect the welfare of a society relative to a previous period. This is because real GDP takes into account the changes in prices over time, allowing for a more accurate comparison of the standard of living between different periods. Therefore, the correct answer is (1) reflect the welfare of a society relative to a previous period.

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Data for real GDP is essential as it captures short-term variations in a country's economic output, offering insights into immediate economic performance. Economists and policymakers closely watch these fluctuations to gauge economic health and make informed decisions based on current economic conditions. Furthermore, the ability to compare real GDP across different time periods allows for the evaluation of a nation's economic progression and productivity growth over the years. By analyzing changes in real GDP, we can see whether an economy is expanding or contracting, providing a clearer picture of overall economic trends.

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