Use the Following to Answer Questions

question 319

Multiple Choice

Use the following to answer questions :
Table: Price and Output Data
-(Table: Price and Output Data) Look at the table Price and Output Data. Between years 2 and 3, real GDP increased by:

• A)10%.
• B)20%.
• C)30%.
• D)33%.

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Definitions:

Sampling Distribution

A distribution showing the chances of different outcomes for a statistic, which is generated from a significant amount of samples from a certain population.

Sample Size

The number of individuals or observations used in a sample to estimate characteristics of an entire population.

Point Estimate

A single value given as an estimate of a population parameter that is unknown.

Population Parameter

A numerical value that describes a characteristic of an entire population, such as the mean or standard deviation.