Purchase Solution

The Rationale of GDP Revision

Not what you're looking for?

Ask Custom Question

Real GDP growth for 2nd quarter of 2012 was just revised to 1.3% from 1.7%.

Is this good and why did this happen?

Purchase this Solution

Solution Summary

The solution shows that GDP revision, based on hard data, is a norm for economic planners.

Solution Preview

Economic planners need to be realistic in their forecasts. Real GDP growth targets are simply projected/forecast data made before the start of every period or quarter. A forecast is based on the previous and prevailing economic situation. Now, whenever the economy suffers any setbacks, the forecast is readjusted.

Rushe ...

Purchase this Solution


Free BrainMass Quizzes
Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.