A New Politician Promises to Double the Real Gross Domestic

question 165

Multiple Choice

A new politician promises to double the real gross domestic product (GDP) by the end of his four-year term.What would have to be the average annual economic growth rate for this to happen?

• A) 11 percent
• B) 12.5 percent
• C) 14 percent
• D) 15 percent
• E) 17.5 percent

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Definitions:

Standard Deviation

A statistical measure of the dispersion or variability within a data set, indicating how spread out the numbers are from the mean.

Squared Deviation

The square of the difference between a value and a reference point or mean, often used in statistics to measure variability.

Mean

A statistical measure representing the average value of a set of numbers, calculated by dividing the sum of all values by the number of values.

Standard Deviation

Refers to the statistical measurement that quantifies the dispersion or spread of a set of data points relative to their mean.