The Base Year Is 2015

question 16

Multiple Choice

The base year is 2015.A country only produces MP3 players.The price of an MP3 player in 2013 was $50.The price of an MP3 player was $30 in 2015.The quantity of MP3 players produced in 2013 was 10,000 units and in 2015 was 20,000 units.Nominal GDP in 2015 equals

• A)$1,000,000.
• B)$600,000.
• C)$500,000.
• D)$200,000.
• E)an amount that cannot be determined without information about real GDP in 2010.

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Definitions:

Normal Distribution

A bell-shaped curve, which is symmetric about the mean, depicting the distribution of many types of data.

Standard Deviation

A statistical measurement of variance or dispersion within a dataset, indicating how spread out the numbers are from the mean.

Standard Error

The standard deviation of the sampling distribution of a statistic, commonly used as an estimate of the accuracy of a sample mean.

Sample Mean

The average of observations collected from a sample, used as an estimate of the population mean.