In Order to Include Many Different Products in an Aggregate

question 52

Multiple Choice

In order to include many different products in an aggregate measure, how is GDP computed?

• A) using values of goods based on consumers' tastes
• B) using primarily costs of production
• C) using primarily market prices
• D) using weights that are computed by how much of a particular good is produced relative to total output

---

Definitions:

Standard Error

A statistical measure that quantifies the amount of variability or dispersion for a sample statistic from the population parameter.

Sample Means

The average of values obtained from a sample, which is a subset of a larger population.

Bootstrap

A statistical method that resamples a single dataset to create many simulated samples, used for estimating the distribution of a statistic.

Standard Error

A statistical term that measures the accuracy with which a sample distribution represents a population using standard deviation.