In 2009,the Imaginary Nation of Mainland Had a Population of 7,000

question 18

Multiple Choice

In 2009,the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000.In 2010 the population was 7,300 and real GDP of 223,380.Over the year in question,real GDP per person in Mainland grew by

• A)2 percent,which is high compared to average U.S.growth over the last one-hundred years.
• B)2 percent,which is about the same as average U.S.growth over the last one-hundred years.
• C)4 percent,which is high compared to average U.S.growth over the last one-hundred years.
• D)4 percent,which is about the same as average U.S.growth over the last one-hundred years.

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Definitions:

Probability Distribution

This mathematical method determines the chances of various results happening in an experiment.

Sample Mean

The average value of a sample, calculated by summing all observations and dividing by the number of observations.

Sampling Distribution

The probability distribution of a given statistic based on a random sample, underlying the principle of estimation in inferential statistics.

Mean

The arithmetic average of a set of numeric values, calculated by adding all the values together and dividing by the number of values.