Examlex
Suppose economic agents expect an increase in the level of economic activity. How will this affect investment demand?
Power
The ability of a statistical test to detect an effect if the effect actually exists.
Type II Error
The error that occurs when failing to reject a false null hypothesis, also known as a false negative.
Type I Error
occurs when a true null hypothesis is incorrectly rejected in a statistical test.
Test Power
The probability that a statistical test will correctly reject the null hypothesis when it is false, indicating a test's effectiveness.
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