If Actual GDP Is $340 Billion and There Is a Positive

question 121

Multiple Choice

If actual GDP is $340 billion and there is a positive GDP gap of $20 billion, potential GDP is

• A) $360 billion.
• B) $660 billion.
• C) $320 billion.
• D) $20 billion.

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Definitions:

Mean

The arithmetic average of a set of numbers, calculated by adding them all together and dividing by the count of these numbers.

Right-Skewed

Describes a distribution of data where the tail on the right side of the distribution is longer or fatter than the left side, indicating that the mean is greater than the median.

Standard Deviation

The square root of the variance, measuring the dispersion of a dataset relative to its mean.

Mean

The mathematical calculation where you add all the numbers in a set and divide by the number of elements to find the average.