Corrected for Inflation, the Real GDP Was Only About _____

question 118

Multiple Choice

Corrected for inflation, the real GDP was only about _____ times greater in 2014 than in 1959.

• A)3.1
• B)5.3
• C)6.7
• D)11.2

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Definitions:

Average Income

Average income is the total income divided by the number of entities in the group, providing a simple measure of the economic well-being of a population.

Confidence Interval

An interval of values, obtained from sample observations, that is likely to include the actual population parameter within a specified confidence level.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values; a higher standard deviation indicates greater variability.

Confidence Interval

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, with a certain level of confidence.