Note: Amounts in Billions

question 216

Multiple Choice

Note: Amounts in billions.
-Refer to the above table. The equilibrium real GDP is

• A) $12 billion.
• B) $13 billion.
• C) $14 billion.
• D) $15 billion.

---

Definitions:

Law of Parsimony

A principle that suggests when faced with competing hypotheses, the one that makes the fewest assumptions should be selected.

Fewest Constructs

Refers to employing the minimum number of conceptual or theoretical tools necessary to effectively understand and interpret a phenomenon or data set.

Dependent Variable

In experimental and observational studies, it is the variable being tested and measured, which is hypothesized to be affected by one or more independent variables.

Self-Esteem

An individual’s subjective evaluation of their own worth or value.