True and False
1. To measure total output for an economy the measure GBP is utilized.
2. GDP is considered a macroeconomic variable.
3. Economic activity is indicated by the measure GDP.
4. GDP is a qualitative measure of total output.
5. Households own the factors of production.
6. Factors of production are provided in the goods markets.
7. A recession is generally defined as a decline in economic activity.
8. An expansion is generally defined as a fall in economic activity.
9. Inflation is an increase in prices.
10. The employment rate measures the amount of people out of work.