Assume an Economy That Makes Only One Product and That

question 110

Multiple Choice

Assume an economy that makes only one product and that year 3 is the base year.Output and price data for a five-year period are as follows.Answer the question on the basis of these data. $\begin{array}{c}\begin{array}{c}\\\underline{\text { Year }} \\1 \\2 \\3 \\4 \\5\end{array}\begin{array}{c}\text { Units of}\\\underline{\text { Output}}\\3 \\4 \\6 \\7 \\8\end{array}\begin{array}{c}\text { Price Per } \\\underline{\text { Unit } }\\ \$ 3 \\4 \\5 \\7 \\8\end{array}\end{array}$
Refer to the data.Real GDP for year 5 is:

• A) $160.
• B) $49.
• C) $40.
• D) $64.

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Definitions:

Sampling Bias

A statistical bias that occurs when the sample is not representative of the population from which it was drawn.

Strongly Agree

An expression used in surveys and questionnaires indicating complete alignment or agreement with a statement.

Deception

The act of misleading or deceiving someone by presenting false information or concealing the truth.

Immoral

Involving actions or behaviors that are considered to be wrong or unethical according to societal standards.