The Economic Statistic Used to Measure the Level of Prices

question 92

Multiple Choice

The economic statistic used to measure the level of prices is:

• A) GDP.
• B) CPI.
• C) GNP.
• D) real GDP.

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Definitions:

Probability Distribution

A statistical function that describes all the possible values and likelihoods that a random variable can take within a given range.

Mean

The average value of a set of numbers, calculated by dividing the sum of all the numbers by the count of items in the set.

Uniform Probability Distribution

A type of probability distribution where all outcomes are equally likely to occur.

Random Variable

A variable whose possible values are numerical outcomes of a random phenomenon or experiment.