If Nominal GDP for a Particular Year Is $6 Trillion

question 200

Multiple Choice

If nominal GDP for a particular year is $6 trillion and real GDP for that year is $5 trillion,then the GDP price index for that year is

• A)1.2
• B)17
• C)20
• D)83
• E)120

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Definitions:

Confidence Interval

A continuum of estimates, garnered from sample data analysis, presumed likely to contain the concealed value of a population trait.

Population Mean

The average of a set of numerical values of an entire population.

Observations

Data collected during an experiment or survey; each observation represents an individual unit of measured data.

Confidence Levels

The probability or percentage that specifies how confident one can be in the method used to construct a confidence interval estimate of a population parameter.