The Index of the Total Output of Goods and Services

question 13

Multiple Choice

The index of the total output of goods and services produced in a national economy is called the

• A)inflation index.
• B)gross domestic product.
• C)monetary fund.
• D)consumer price index.

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Definitions:

P-Value

The likelihood of achieving outcomes in a test that are at least as significant as those observed, under the assumption that the null hypothesis holds true.

Null Hypothesis

A default hypothesis that there is no significant difference or effect, used as a starting point for statistical testing.

Level Of Significance

The probability of rejecting the null hypothesis in a statistical test when it is actually true; a threshold for determining the statistical significance.

Rejection Region

The range of values for which we reject the null hypothesis in hypothesis testing.