The Table Contains Data for a Hypothetical Single-Product Economy

question 107

Multiple Choice

$$\begin{array} { | c | c | c | c | } \hline \text { Year } & \text { Units of Output } & \text { Price of Bagel per Unit } & \text { Price Index } ( \text { Year } 1 = 100 ) \\\hline 1 & 10 & \$ 10 & 100 \\\hline 2 & 12 & 20 & 200 \\\hline 3 & 15 & 30 & 300 \\\hline 4 & 20 & 40 & 400 \\\hline\end{array}$$ The table contains data for a hypothetical single-product economy. Real GDP in year 4 is

• A) $320.
• B) $450.
• C) $200.
• D) $800.

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Definitions:

Subjects Examined

The individuals or entities that are analyzed or tested in a study.

Obtained Value

The actual result or measurement found in a research study or experiment.

Significance Level

The significance level, often denoted as alpha (α), is the probability of rejecting the null hypothesis when it is actually true, serving as a threshold for determining the statistical significance of an effect.

Degrees of Freedom

The number of values in the final calculation of a statistic that are free to vary.