In the context of economics, which of the following best defines a benchmark poll?

• A. A survey used to determine the equilibrium price in a competitive market.
• B. A poll that measures the total output of an economy over a specific period.
• C. A survey conducted to establish a baseline measurement of public opinion before implementing an economic policy.
• D. A poll that tracks changes in consumer preferences after a policy change.

Answer: (C)

Verified step by step guidance

1. Step 1: Understand the term 'benchmark poll' in the context of economics and public opinion measurement. A benchmark poll is typically used to establish a baseline or starting point before any changes or interventions occur.
2. Step 2: Recognize that a benchmark poll is not related to determining equilibrium prices or measuring total economic output, as these are concepts tied to market analysis and macroeconomic indicators, respectively.
3. Step 3: Identify that a benchmark poll is conducted before implementing an economic policy to gauge the initial public opinion or sentiment, which serves as a reference point for future comparisons.
4. Step 4: Differentiate a benchmark poll from polls conducted after policy changes, which are used to track changes in consumer preferences or opinions over time.
5. Step 5: Conclude that the best definition of a benchmark poll in economics is 'a survey conducted to establish a baseline measurement of public opinion before implementing an economic policy.'