What do the following letters stand for? Write each answer in the appropriate space - Leaving Cert Economics - Question 1 - 2018
Question 1
What do the following letters stand for? Write each answer in the appropriate space.
GNP
CPI
CSO
Worked Solution & Example Answer:What do the following letters stand for? Write each answer in the appropriate space - Leaving Cert Economics - Question 1 - 2018
Step 1
GNP
96%
114 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
GNP stands for Gross National Product. It measures the total economic output produced by the residents of a country, regardless of where the production takes place. This includes the value of all final goods and services produced within a specific time frame.
Step 2
CPI
99%
104 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
CPI stands for Consumer Price Index. It is an economic indicator that measures the average change over time in the prices paid by consumers for goods and services. The CPI is commonly used to assess price changes associated with the cost of living.
Step 3
CSO
96%
101 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
CSO stands for Central Statistics Office. This is a government agency responsible for collecting, analyzing, and disseminating statistical data, which is essential for informed decision-making and policy formulation.
Join the Leaving Cert students using SimpleStudy...
