Following is data for a hypothetical economy.The base year is 2002 (Price index = 100) .
-Refer to the above data.Real GDP in 2006 was approximately:
Definitions:
Mental Heuristic
Cognitive shortcuts or rules of thumb that simplify decision making, often used unconsciously.
Mathematical Problems
Challenges or questions in mathematics that require solutions, often involving abstract and logical reasoning.
Natural Aversion
The innate or instinctive avoidance of certain activities, substances, or situations by individuals or species.
Confirmation Bias
The habit of looking for, comprehending, preferring, and recollecting facts in a way that validates one's existing convictions or assumptions.
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