Table 10-6
the Table Below Contains Data for the Country

question 45

Multiple Choice

Table 10-6
The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2009.Prices and Quantities
$$\begin{array} { c c c c c } \text { Year } & \text { Price of } & \text { Quantity af } & \text { Price af } & \text { Quantity af } \\& \text { Waffles } & \text { Waffles } & \text { Pancalkes } & \text { Pancalkes } \\\hline 2008 & \$ 2.00 & 100 & \$ 1.00 & 100 \\2009 & \$ 2.00 & 120 & \$ 2.00 & 150 \\2010 & \$ 2.00 & 150 & \$ 3.00 & 200 \\2011 & \$ 4.00 & 180 & \$ 3.00 & 220\end{array}$$
-Refer to Table 10-6. In 2009, this country's real GDP was

• A)$100.
• B)$390.
• C)$400.
• D)$540.

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Definitions:

Point Estimate

A single value that serves as an estimate of a population parameter, derived from sample data.

Population Proportion

The fraction of individuals in a population who have a particular characteristic.

Confidence Intervals

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