If Real GDP Grows at a Rate of 6 Percent

question 57

Multiple Choice

If real GDP grows at a rate of 6 percent and population grows at a rate of 2 percent,then real GDP per person grows at a rate of

• A)4 percent.
• B)2 percent.
• C)0.5 percent.
• D)-3 percent.
• E)8 percent.

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Definitions:

Equal Chance

This term means having the same probability or likelihood of occurring as another event, situation, or outcome.

Statistically Significant

A term indicating that the likelihood of an observed difference or relationship happening by chance is low, typically below a pre-set threshold of probability.

P-value

A statistical measure indicating the probability that the observed data would occur by chance if the null hypothesis were true.

Inferential Statistics

Statistical methods that allow conclusions to be drawn about populations based on sample data.