If Nominal GDP for a Particular Year Is $4 Trillion

question 132

True/False

If nominal GDP for a particular year is $4 trillion and real GDP for that year is $3 trillion,then the GDP price index is 133.

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Definitions:

Goodness-of-fit Test

A statistical method utilized to assess the adequacy of observed data conforming to a particular distribution.

Normally Distributed

Explains a probability distribution pattern that is uniform on both sides of the mean, highlighting that data points closer to the mean have a higher frequency of occurrence compared to those farther away.

Goodness-of-fit Test

A statistical test used to determine how well sample data fit a distribution from a population with a normal distribution.

Normally Distributed

Describes a statistical distribution where the arrangement is balanced around the mean, indicating that observations close to the mean happen more often than those further away.