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Real GDP Measures the Change in the Price Level Over

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Real GDP measures the change in the price level over time.


Definitions:

Degrees of Freedom

The number of independent pieces of information in a dataset that are available for estimating another piece of information or parameter.

Confidence Interval

A band of values, derived from the statistical examination of samples, presumed to include the value of an unascertained population parameter.

T-Distribution

A probability distribution used in statistics that is applicable when the sample size is small and the population variance is unknown.

William S. Gosset

A statistician best known for developing the t-test under the pseudonym "Student," contributing significantly to the field of small-sample statistics.

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