The Level of Real GDP in the Long Run Is

question 283

Multiple Choice

The level of real GDP in the long run is called

• A)potential GDP.
• B)short-run GDP.
• C)frictional GDP.
• D)low-capacity GDP.

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Definitions:

Outlier

A data point that diverges significantly from the overall pattern of data in a dataset, potentially indicating a measurement error or a new trend.

IQR

The Interquartile Range (IQR) is a measure of statistical dispersion, being equal to the difference between the 75th and 25th percentiles of a data set.

Chebyshev's Theorem

A statistical theorem stating that for any real dataset, the proportion of values that fall within k standard deviations from the mean is at least 1-1/k^2 for k > 1.

Empirical Rule

A statistical principle that asserts in a normal distribution, almost all of the data is contained within three standard deviations from the mean.