In Comparing GDP Data Over a Period of Years a Difference

question 51

Multiple Choice

In comparing GDP data over a period of years a difference between nominal and real GDP may arise because:

• A)of changes in our trade deficits and surpluses.
• B)the length of the workweek has declined historically.
• C)the price level may change over time.
• D)depreciation may be greater or smaller than gross investment.

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Definitions:

Distribution

The way in which values in a data set are spread or dispersed across a range.

Probabilities

A branch of mathematics dealing with the likelihood of occurrence of different events.

P-value

The probability of observing a statistic as extreme as, or more extreme than, the observed results under the null hypothesis.

Null Hypothesis

A statement asserting there is no significant difference or effect, which researchers aim to test against alternative hypotheses.