Question

question 3 (2 points)
which of the following statements best describe how economists calculate gdp?
economists at the bureau of economic analysis pull together data on sales, imports, exports, government purchase and investments from various government sources every 3 months.
economists at the congressional budget office calculate gdp for a given year by adjusting the previous years gdp with inflation.
economists at the bureau of labor statistics collect data from surveys sent to consumers, private firms and government agencies and add them up every 3 months.
economists at the census bureau collect data from surveys sent to consumers, private firms and government agencies and add them up on a yearly basis.

Explanation:

GDP (Gross Domestic Product) is calculated by the Bureau of Economic Analysis (BEA). The BEA gathers data on consumption (sales - which relate to consumer spending), net exports (exports - imports), government purchases, and investment. This data is collected from various government sources (like data on imports/exports from relevant trade agencies, data on government spending from government departments etc.) and is calculated quarterly (every 3 months). The Congressional Budget Office is more focused on budgetary analysis for Congress. The Bureau of Labor Statistics is mainly about labor - related data (like employment, unemployment, wages). The Census Bureau does collect some economic data but the main entity for GDP calculation is the BEA.

Answer:

Economists at the Bureau of Economic Analysis pull together data on sales, imports, exports, government purchase and investments from various government sources every 3 months.