If Real GDP in a Small Country in 2012 Is

question 13

Multiple Choice

If real GDP in a small country in 2012 is $8 billion and real GDP in the same country in 2013 is $8.3 billion,the growth rate of real GDP between 2012 and 2013

• A)is 3.0%.
• B)is 3.6%.
• C)is 3.75%.
• D)cannot be determined from the information given.

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Definitions:

Confidence Interval

A Confidence Interval is a range of values derived from sample statistics that is likely to contain the true population parameter at a given confidence level.

Population Mean

The average value of a set of characteristics (e.g., measurements, scores) for an entire population, calculated as the sum of all values divided by the number of values.

Confidence Interval

A statistical estimate of the range within which an unknown population parameter lies, calculated to express the certainty of its covering the true value.

Confidence Interval

A series of values, based on sample statistics, presumed to include the unknown value of a population parameter.