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Between 1960 and 2013 U

question 25

Essay

Between 1960 and 2013 U.S.GDP, measured in dollars of constant purchasing power, expanded about 5.0 times.However, the standard of living only increased by 4 times over this period.Explain the difference.


Definitions:

Sample Mean

The average value of a sample set of a population, used as an estimate of the population mean.

Population Average

The mean value of a particular characteristic in a specified population, representing a central tendency.

Statistical Significance

Indicates whether the results of a study are likely to be due to chance or are actually significant in terms of supporting a hypothesized effect.

T Value

A statistic calculated in hypothesis testing used to compare the observed difference between two means relative to the variability of the data.

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