Things That Form Patterns That Are Meaningful Are Likely to Be

question 25

Multiple Choice

Things that form patterns that are meaningful are likely to be grouped together according to the law of

• A) simplicity.
• B) similarity.
• C) pragnanz.
• D) familiarity.

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Definitions:

Chain-Weighted System

An inflation measure that adjusts the weights from year to year in calculating a price index, thereby reducing the bias caused by a fixed-price weighting system.

Nominal Gross Domestic Product (GDP)

The market value of all goods and services produced within a country in a given period, measured without adjusting for inflation.

Real GDP

The total value of all goods and services produced by a country in a year, adjusted for inflation, making it a measure of economic output that accounts for changes in the price level.

GDP Price Index

An indicator reflecting the variation in costs for all newly produced domestic final goods and services within an economy.