Questions: is/are the broadest measure of economic activity. The unemployment rate Nonfarm payrolls Real GDI Real GDP

is/are the broadest measure of economic activity. The unemployment rate Nonfarm payrolls Real GDI Real GDP
Transcript text: is/are the broadest measure of economic activity. The unemployment rate Nonfarm payrolls Real GDI Real GDP
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Solution

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The answer is the fourth one: Real GDP.

Explanation for each option:

  1. The unemployment rate: This measures the percentage of the labor force that is unemployed and actively seeking employment. It is an important economic indicator but does not measure overall economic activity.

  2. Nonfarm payrolls: This measures the number of jobs added or lost in the economy, excluding farm workers, government employees, and a few other categories. It is a key indicator of employment trends but not a broad measure of economic activity.

  3. Real GDI (Gross Domestic Income): This measures the total income earned by a nation's residents and businesses, including wages, profits, rents, and taxes, minus subsidies. While it is closely related to GDP, it is not as commonly used as a broad measure of economic activity.

  4. Real GDP (Gross Domestic Product): This is the total value of all goods and services produced in a country, adjusted for inflation. It is the broadest measure of economic activity, as it encompasses the entire economy's output.

In summary, Real GDP is the broadest measure of economic activity because it includes the total production of goods and services within a country.

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