Statistical Methods Help To

question 9

Multiple Choice

Statistical methods help to:

• A)Demonstrate the need for improvement
• B)Identify ways to make improvements
• C)Assess whether or not improvement activities have been successful
• D)Estimate the benefits of improvement
• E)All of the above

---

Definitions:

Cost of Living

Cost of Living refers to the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time.

Inflation Rate

The increase pace in the cost of living, as reflected in goods and services prices, leading to reduced money value.

Consumer Price Index

A measure assessing the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

GDP Deflator

The GDP deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy, used to convert nominal GDP into real GDP.