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The measurement economists use to measure the national output of an economy is called ____________, where ___________ uses this year's prices while _____________ compares the output using a base year. The three broad macroeconomic goals include __________________, __________________, and __________________.

Answer :

Gross domestic product (GDP) is the measure of national output, with nominal GDP using current prices and real GDP using prices from a base year. The three main macroeconomic goals are economic growth, low unemployment, and low inflation.

The measurement economists use to measure the national output of an economy is called gross domestic product (GDP), where nominal GDP uses this year's prices while real GDP compares the output using a base year. The 3 broad macro goals include economic growth, low unemployment, and low inflation.

GDP measures the value of the output of all goods and services produced within a country in a year. To measure GDP, economists multiply the quantities of goods and services produced by their prices and sum the total. This calculation provides insight into the size and health of the economy, distinguishing it by using current prices (nominal) or constant prices from a base year (real) to account for inflation.

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