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What Is Potential GDP? What Are Its Determinants? What Is

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What is potential GDP? What are its determinants? What is meant by a production function?


Definitions:

Nonresponse Bias

A bias that occurs in survey statistics when individuals who do not respond differ significantly from those who do, affecting the validity of the results.

Response Bias

A type of bias that occurs when respondents to a survey or study give inaccurate answers, often due to the wording of questions or social desirability.

Undercoverage

A bias in statistical sampling where some members of the intended population are inadequately represented in the sample.

Nonresponse Bias

Bias in survey or study results that occurs when respondents differ significantly from nonrespondents, affecting the representativeness of data.

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