Examlex
The amount of tea leaves in a can from a particular production line is normally distributed with μ = 110 grams and σ = 25 grams. A sample of 25 cans is to be selected. What is the probability that the sample mean will be less than 100 grams?
Prime Interest Rate
The interest rate that commercial banks charge their most creditworthy customers, often used as a benchmark in lending rates.
Equation of Exchange
An economic formula representing the relationship between the supply of money in an economy and the level of prices of goods and services, expressed as M*V = P*T.
Nominal GDP
The gross domestic product measured in current prices, without adjustment for inflation.
Real GDP
Gross Domestic Product adjusted for inflation, representing the total value of all goods and services produced over a specific time period in real terms.
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