Consider the Following Information on GDP and CPI for an Economy

question 48

Multiple Choice

Consider the following information on GDP and CPI for an economy over the last 3 years. Calculate nominal GDP growth for 2018.
$\begin{array}{lll}&\text { GDE}&\text { CPI }\\2017 & 137.4 & 246.5 \\2018 & 139.4 & 251.2 \\2019 & 141.8 & 257.0\end{array}$

• A)1.15%
• B)1.46%
• C)1.95%
• D)2.15%
• E)2.56%

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Definitions:

Statistical Significance

The probability that an observed difference or relationship exists in a population, not just in the sample studied.

Hypothesized Reason

A suggested theory developed from minimal evidence intended to serve as a foundation for additional research.

Statistical Significance

A determination that a relationship between variables is not likely to be due to chance at a specified level of probability.

Type II Errors

A false negative in hypothesis testing, where the test fails to reject a false null hypothesis.