A Country Reported a Nominal GDP of $115 Billion in 2007

question 89

Multiple Choice

A country reported a nominal GDP of $115 billion in 2007 and $125 billion in 2006, and reported a GDP deflator of 85 in 2007 and 100 in 2006. What happened to real output and prices from 2006 to 2007?

• A)Real output and prices both rose.
• B)Real output fell and prices rose.
• C)Real output rose and prices fell.
• D)Real output and prices both fell.

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Definitions:

Frequency Distributions

A statistical analysis tool that shows how often each different value in a set of data occurs, often illustrated as a table or graph.

Wilcoxon Signed-Rank Sum Test

This is a type of statistical test that doesn't rely on predefined parameters and is utilized to analyze whether two related samples, matched samples, or repeated measures on a single sample have differing population mean ranks.

Matched Pair

A technique in experimental design where pairs of subjects are closely matched based on certain key characteristics, and one subject from each pair is assigned to each experiment group.

Nonzero Differences

Variations or disparities in data that are distinct from zero, indicating a measurable change or effect.