True & False 1. To measure total output for an economy the measure GBP is utiliz

Question

True & False

1. To measure total output for an economy the measure GBP is utilized.
2. GDP is considered a macroeconomic variable.
3. Economic activity is indicated by the measure GDP.
4. GDP is a qualitative measure of total output.
5. Households own the factors of production.
6. Factors of production are provided in the goods markets.
7. A recession is generally defined as a decline in economic activity.
8. An expansion is generally defined as a fall in economic activity.
9. Inflation is an increase in prices.
10. The employment rate measures the amount of people out of work.

Explanation / Answer

Ans(1): False, GDP is used to measure total output in the economy. GBP is British currency. (2): TRUE. (3): TRUE. (4): TRUE. (5): FALSE, an entrepreneur own the factors of production. (6): TRUE. (7): TRUE. (8) FALSE. (9): TRUE. (10). FALSE, employment rate measures the number of people work in the economy.

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