A New Drug Has Been Found to Be Effective in Treating

question 21

Short Answer

A new drug has been found to be effective in treating 85% of the people afflicted by a certain disease. If the drug is administered to 300 people who have this disease, what are the mean and the standard deviation of the number of people for whom the drug can be expected to be effective?
Round the answers to the nearest hundredth if necessary. __________ __________

Identify the relationship between nominal GDP, real GDP, and the GDP deflator as indicators of economic health.

Distinguish between final goods and services and intermediate goods to prevent double counting in GDP calculation.

Understand the concept of national income and how it relates to GDP, including the various forms of income that constitute national income.

Grasp how changes in productivity and price levels affect economic indicators like GDP and national income.

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Definitions:

Standard Of Living

A measure of the wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Economic Growth

A rise in the economic power to produce goods and services when comparing distinct periods.

Capital Formation

The process of accumulating assets and investments that are used for future production or economic growth.