The GDP Deflator for the Base Year Is

question 35

Multiple Choice

The GDP deflator for the base year is

• A) less than 100.
• B) always equal to 100.
• C) greater than 100.
• D) dependent on the quantities of output and the prices at which outputs are sold in the base year.

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Definitions:

Correlation Coefficient

A value that quantifies both the magnitude and the direction of a straight-line association between a pair of variables.

Box Plot

A graphical representation of the distribution of a data set, showing the median, quartiles, and outliers, used for depicting the spread and skewness of the data.

Outlier

A data point that diverges significantly from the overall pattern of data in a dataset, potentially indicating a measurement error or a new trend.

IQR

The Interquartile Range (IQR) is a measure of statistical dispersion, being equal to the difference between the 75th and 25th percentiles of a data set.