Which of the Following Statements Is True

question 10

Multiple Choice

Which of the following statements is true?

• A)The statistics on GDP are frequently revised as new data are collected over the course of the year.
• B)Since the statistics on GDP are frequently revised, businesses and government officials rarely use the GDP data to make decisions.
• C)Since the statistics on GDP are frequently revised, the early reports on GDP are meaningless.
• D)The statistics on GDP are rarely revised because the government waits until all data have been collected to report the statistics on GDP.
• E)The statistics on GDP are rarely revised because most of the data about GDP are rarely revised.

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Definitions:

Budget Constraint

A budget constraint represents the limits on the consumption bundles that a consumer can afford, given the consumer's income and the prices of goods.

Opportunity Set

All possible combinations of consumption and leisure that a person can achieve given their resources and prices.

Income

The money received, typically on a regular basis, for work or through investments.

Budget Constraint

Represents the combinations of goods and services that a consumer can afford to buy with their limited income.