Which of the following is the best statistic to measure what is happening to living standards over the long run? Question 1 options: Unemployment rate Inflation rate Real GDP per capita Labour force participation rate

Which of the following is the best statistic to measure what is happening to living standards over the long run? Question 1 options: Unemployment rate Inflation rate Real GDP per capita Labour force participation rate

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Which of the following is the best statistic to measure what is happening to living standards over the long run?

Question 1 options:

	Unemployment rate
	Inflation rate
	Real GDP per capita
	Labour force participation rate

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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