-Refer to the Above Diagram

question 111

Multiple Choice

-Refer to the above diagram.Which of the following statements is correct?

• A) The price index is greater than 100 for every year shown on the graph.
• B) Nominal GDP must be deflated in each year prior to 1992 to determine real GDP.
• C) Real GDP has grown in this economy,but nominal GDP has not.
• D) Nominal GDP must be deflated in each year since 1992 to determine real GDP.

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Definitions:

Binomial Experiment

An experiment in statistics involving a fixed number of trials, each of which has only two potential outcomes.

Shopping Mall

A large indoor complex typically comprised of various retail stores, food outlets, and sometimes entertainment facilities.

Sociologist

A social scientist who studies the behavior, interactions, and organization of people within societies.

Binomial Experiment

A statistical experiment that follows the binomial distribution, characterized by having a fixed number of trials, two possible outcomes, independence, and constant probability of success.