Economists Use the Price Index to Eliminate Year-To-Year Changes in GDP

question 6

Multiple Choice

Economists use the price index to eliminate year-to-year changes in GDP due solely to changes in:

• A)the exchange rate.
• B)the unemployment rate.
• C)fiscal spending.
• D)consumer demand.
• E)the price level.

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Definitions:

Mathematical Average

Another term for mean, which is calculated by adding up all the numbers in a set of data and dividing by the count of numbers.

Mode

The datum that is most recurrent in a given data set.

Set Of Data

A collection of related information or numerical values that are analyzed or used in statistics and research.

Mode

The most frequently occurring value within a data set.