The Table Given Below States the Value of the GDP

question 53

Multiple Choice

The table given below states the value of the GDP and the different components of aggregate expenditure for two years.
Table 10.1
$\begin{array}{|c|c|c|c|c|c|c|}\hline & \text { GDP } & \boldsymbol{C} & \boldsymbol{I} & \mathbf{G} & \text { Export } & \text { Import } \\\hline \text { Year 1 } & - & \$ 750 & \$ 110 & \$ 60 & \$ 70 & \$ 50 \\\hline \text { Year 2 } & \$ 1,150 & \$ 930 & \$ 90 & \$ 75 & \$ 125 & - \\\hline\end{array}$
-Refer to Table 10.1. What would be the new equilibrium level of real GDP in year 2 if net exports equaled zero?

• A) $1,205
• B) $1,095
• C) $1,050
• D) $1,170
• E) $1,120

Analyze data using R-squared values to determine the goodness of fit of a model.

Interpret and calculate the impact of changing one variable while holding others constant in multiple regression contexts.

Develop an understanding of statistical significance through P-values and T-statistics.

Recognize the role of predictor variables and identify the best and worst predictors in a regression model.

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Definitions:

Dominant Inheritance

A pattern of genetic inheritance where only one copy of a gene from one parent is needed to express a certain trait, often overshadowing the other non-dominant gene.

Normal Behavior

actions or reactions of an individual or group that are considered typical or expected within a specific culture or society.

Recessive

A genetic characteristic that is expressed in an organism's phenotype only when two copies of the gene responsible for the trait are present.

Phenotype

The observable physical or biochemical characteristics of an organism, as determined by both genetic makeup and environmental influences.