Suppose That Nominal GDP Is $1,000 in 2009 and $1,500

question 165

Multiple Choice

Suppose that nominal GDP is $1,000 in 2009 and $1,500 in 2010. If the overall price level _____ between 2009 and 2010, we could say that real GDP _____.

• A)increased by 50%; stayed constant
• B)increased by less than 50%; decreased
• C)increased by more than 50%; increased
• D)increased by 50%; increased

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Definitions:

Confidence Interval

A range of values, derived from sample data, that likely contain the population parameter with a certain level of confidence.

Level of Confidence

The degree of certainty or probability that the results of statistical analysis are reliable and not due to random chance.

Confidence Interval

A range of values derived from sample data that is likely to contain the value of an unknown population parameter, expressed at a given level of confidence.

Sample Sizes

The number of individuals or observations included in a sample, which represents a portion of the larger population for the purpose of conducting statistical analysis.