(Answered) 1 what is gdp and how is it measured2 evaluate the validity

Economics

1. What is GDP and how is it measured?

2. Evaluate the validity of using GDP as a measure of economic output.

3. Explain how the consumer price index and GDP work together to measure price index change from year to year.

4. Assess the importance of the business cycle relating to the labor market and economic activity.

5. Select one formula for a key labor market indicator and give an example. Use the formula to explain how the labor market indicator measures labor force participation.

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