If Per Capita GDP in 2014 Was $900, in 2015

question 84

Multiple Choice

If per capita GDP in 2014 was $900, in 2015 was $1,000, and in 2016 was $1,200, the growth rate of per capita GDP between 2014 and 2016 was:

• A) 25 percent.
• B) about 11 percent.
• C) 20 percent.
• D) about 133 percent.
• E) about 33 percent.

Calculate and interpret the degrees of freedom in correlation analysis.

Understand the conditions under which certain elements in correlation calculation can take negative values.

Apply critical values to make decisions about statistical hypotheses based on Pearson correlation analysis.

Understand the concept of correlation in statistical analysis.

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Definitions:

Opportunity Costs

The benefits a person or business foregoes by choosing one alternative over another.

Idle Capacity

Unused production capability within a manufacturing plant or business operation, often due to lack of demand or inefficiency.

Drop a Product

The decision by a company to cease the production and sale of a particular product.

Rent

A periodic payment made to use a property or piece of equipment owned by another party.