Exhibit 8-2 A Random Sample of 121 Automobiles Traveling on an Interstate

question 46

Multiple Choice

Exhibit 8-2
A random sample of 121 automobiles traveling on an interstate showed an average speed of 65 mph. From past information, it is known that the standard deviation of the population is 22 mph.
-Refer to Exhibit 8-2. The 96.6% confidence interval for μ is

• A) 63.00 to 67.00
• B) 60.76 to 69.24
• C) 61.08 to 68.92
• D) 60.00 to 80.00

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Definitions:

Nominal GDP

The gross domestic product measured at current market prices, without adjusting for inflation or deflation.

Real GDP

Measures the value of all final goods and services produced within a country in a given period, adjusted for inflation.

GDP Deflator

An economic metric that converts output measured at current prices into constant-dollar GDP, deflating out the effects of inflation.

Nominal GDP

The gross domestic product measured at current market prices, not adjusted for inflation, representing the value of all finished goods and services produced within a country's borders in a specific time period.