One Year Nominal GDP Was $286 Billion and the Price

question 79

Multiple Choice

One year nominal GDP was $286 billion and the price index was 88.Real GDP that year was

• A)$252 billion.
• B)$325 billion.
• C)$308 billion.
• D)$262 billion.

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Definitions:

Type II Error

Occurs in hypothesis testing when a false null hypothesis is not rejected, leading to the false conclusion that a difference or effect does not exist when it actually does.

Power

The probability that a statistical test will correctly reject a false null hypothesis; related to the capability to detect an effect if there is one.

Type II Error

The error that occurs when a statistical test fails to reject a false null hypothesis.

Type I Error

The incorrect rejection of a true null hypothesis, or "false positive," often denoted by alpha (α).