A GDP Price Index of 100 for a Year Implies

question 86

Multiple Choice

A GDP price index of 100 for a year implies that:

• A)there has been no inflation during the year.
• B)the price level is three times what it was in the base year.
• C)the price level is one hundred times what it was in the base year.
• D)the price level is double what it was in the base year.
• E)the inflation rate has been 100 percent per year since the base year.

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Definitions:

Population Parameters

Quantitative characteristics of a population, such as mean or standard deviation, that are usually unknown and estimated from samples.

Nonparametric Methods

Statistical methods that are not based on parameterized families of probability distributions and are used when data doesn't fit standard distributions.

Ordinal Data

A type of categorical data where the categories have a natural order or sequence but the intervals between the categories are not necessarily uniform.

Wilcoxon Rank Sum Test

A nonparametric statistical test that compares two independent samples to assess whether their population mean ranks differ.