Workland Has a Population of 10,000,of Whom 7,000 Work 8

question 19

Multiple Choice

Workland has a population of 10,000,of whom 7,000 work 8 hours a day to produce a total of 224,000 final goods.Laborland has a population of 5,000,of whom 3,000 work 7 hours a day to produce a total of 105,000 final goods.

• A)Workland has higher productivity and higher real GDP per person than Laborland.
• B)Workland has higher productivity but lower real GDP per person than Laborland.
• C)Workland has lower productivity but higher real GDP per person than Laborland.
• D)Workland has lower productivity and lower real GDP per person than Laborland.

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Definitions:

Trimmed Mean

A method of averaging that removes a specified percentage of the largest and smallest values before calculating the mean, often used to reduce the effect of outliers.

Bootstrap Standard Error

A measure of the variability or dispersion of a statistic's sampling distribution, estimated using the bootstrap resampling method.

Critical Value

A threshold value in hypothesis testing that defines the boundary of the rejection region; values beyond this indicate statistical significance.

Confidence Interval

A spectrum of numerical values, derived from the analysis of a sample, likely to enclose the value of an elusive population parameter.