1. Which of the following is true of gross domestic product?
|A. It only measures output.|
|B. It only measures income.|
|C. It is an exact measure of output.|
|D. It can give us guidance on the living standards of a nation.|
|E. It can be used to measure a firm’s output.|
F. It measures price inflation.
2. If you wanted to compare economic well-being over time and across countries, the data you would use is: