Last Year Real GDP in the Imaginary Nation of Oceania

question 38

Multiple Choice

Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million.The year before,real GDP was 500.0 billion and the population was 2.0 million.What was the growth rate of real GDP per person during the year?

• A)12 percent
• B)10 percent
• C)4 percent
• D)2 percent

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Definitions:

Linear Regression

A statistical method used to model the relationship between a dependent variable and one or more independent variables, assuming a linear relationship.

Independent Variables

Variables that are manipulated or changed in an experiment to test their effects on dependent variables.

Coefficient Of Determination

A statistical measure that quantifies the proportion of the variance in the dependent variable that is predictable from the independent variable(s).

Nonlinear Regression Model

A Nonlinear Regression Model is a form of regression analysis in which observational data are modeled by a function that is a nonlinear combination of the model parameters and depends on one or more independent variables.