Which Term Defines the Market Value of Goods and Services

question 28

Multiple Choice

Which term defines the market value of goods and services produced in a country for use within a year (expressed in dollars) ? 

• A) gross domestic product 
• B) gross national product 
• C) per capita GNP 
• D) per capita GDP

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Definitions:

Inferential Parameters

Parameters derived from sample data for the purpose of making inferences about the larger population.

Sampling Distribution

The probability distribution of a statistic based on a random sample.

Statistical Inferences

The process of drawing conclusions about population parameters based on a sample.

Probability

The likelihood or chance of an event occurring, expressed as a number between 0 and 1.