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1. measures the rate of inflation2. allows us to make international comparisons3. indicator of country/government's performance4. used in wage negotiations

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An article on bloomberg.com stated that​ "inventories gave GDP a small​ boost."​Source: Katia​ Dmitrieva, "U.S. GDP Grows at​ 2.6% Pace as Business Spending​ Accelerates," bloomberg.com, February​ 28, 2019.For this result to​ occur, is it likely that inventories increased or​ decreased? Briefly explain.A.​Increased, since inventories are part of a​ firm's investment, which is a component of​ GDP, inventories must have risen.B.​Increased, because firms earned profits on their​ inventories, which would raise inventory investment.C.​Decreased, because inventories represent goods that firms did not​ sell, indicating a loss to inventory investment.D.This cannot be determined since there is no direct relationship between inventory changes and GDP growth.

Why would we expect firms in the informal sector to be so much smaller than firms in the formal​ sector?A.Workers in the informal sector earn higher wages than those in the formal sector.B.Firms in the informal sector rely more on machinery to produce their goods and services than those in the formal sector.C.Because these firms are operating​ illegally, they earn higher profits than firms operating​ legally, which allows them to remain small.D.Because firms in the informal sector are operating​ illegally, they have less capital than firms operating legally.

Relative to the household​ survey, which of the following is a strength of the establishment​ survey?A.The establishment survey provides better information on the number of persons​ self-employed than the household survey.B.The establishment survey is determined by actual​ payrolls, rather than by the unverified answers of the household survey.C.The establishment survey provides information on​ unemployment, which the household survey does not provide.D.All of the above.

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