A Data Point (Observation) That Does Not Fit the Trend

question 93

Multiple Choice

A data point (observation) that does not fit the trend shown by the remaining data is called a(n)

• A)residual
• B)outlier
• C)point estimate
• D)None of the other answers is correct.

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Definitions:

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced by a country in real terms.

Base Year

A specific year against which economic growth is measured, serving as a standard comparison for financial indices and economic data.

Economic Activity

All actions that involve producing, trading, selling, and buying goods and services within an economy.

Final Good

A product that is consumed directly by the end-user or customer and will not be used to produce any further goods or services.