Use the Following Information to Answer the Next Several Questions

question 86

Multiple Choice

Use the following information to answer the next several questions:
Scenario 1: Imagine that an economy produces two goods, flashlights and fishing lures. In 2011, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2012, the economy produced 85 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $7 and $15, respectively.
-Based on the information in Scenario 1, real GDP grew by about ________ percent from 2011 to 2012.

• A) 23
• B) 31
• C) 62
• D) 162

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Definitions:

Mean

The arithmetic average of a set of values or quantities, calculated by adding them together and dividing by the number of terms in the set.

Median

The middle value in a data set, which divides the data into two halves, or the value that has an equal number of data points above and below it.

Mode

The data point that is most frequently encountered in a set of data.

Raw Data

Untreated and unprocessed data collected directly from a source, prior to undergoing any form of analysis or manipulation.