Which of the Following Is a True Statement About the Measurement

question 330

Multiple Choice

Which of the following is a true statement about the measurement of real GDP?

• A)Current output should be calculated at base year prices.
• B)Current output should be calculated at current prices.
• C)Base year output should be calculated at current prices.
• D)All of the statements are true.

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Definitions:

Nominal Data

Information grouped into categories without an inherent numerical value or order, such as colors or gender.

Ordinal Data

Data classified into categories within a specific order or ranking, but without meaningful mathematical differences between those rankings.

Type II Error

The error that occurs when the null hypothesis is not rejected when it is actually false, also known as a false negative result.

Type I Error

Mistakenly refusing a true null hypothesis, popularly known as a "false positive."