In 2006 Real GDP in the Imaginary Nation of Populia

question 78

Multiple Choice

In 2006 real GDP in the imaginary nation of Populia was 750 billion and the population was 3 million.In 2007 real GDP was 907.5 billion and the population was 3.3 million.What was the growth rate of real GDP per person during the year?

• A) 10 percent
• B) 14 percent
• C) 17 percent
• D) 21 percent

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Definitions:

Standard Normal Random Variable

A random variable with a mean of 0 and a standard deviation of 1, following a normal distribution.

Area

The measure of the extent of a two-dimensional figure or shape in a plane.

z

In statistics, a z-score indicates how many standard deviations an element is from the mean.

Normally Distributed Random Variable

A type of random variable whose values are symmetrically distributed around the mean, forming a bell-shaped curve when graphed.