In a Given Year, U

question 44

Multiple Choice

In a given year, U.S. nominal GDP was $2,784 billion and the GDP chain price index for that year is 60.4. Real GDP is:

• A) $1,682 billion.
• B) $4,609 billion.
• C) $3,889 billion.
• D) $4,000 billion.

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Definitions:

Mean

The mean value of a group of numbers, which is obtained by dividing the sum total of these numbers by their count.

Set of Data

A collection of data points or values obtained from measurements, observations, or computations.

Mean

A measure of central tendency for a series of numbers, achieved by dividing their collective sum by the count of the numbers.

Frequency Distribution

A summary of how often each value in a set of data occurs, often visualized by a histogram or a table.