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What is the rational expectations hypothesis? Using a diagram of the aggregate demand and aggregate supply to illustrate your answer, explain how the hypothesis suggests that monetary policy may affect the price level but not real GDP.
Confidence Interval
A range of values, determined from sample statistics, that is believed to contain the true population parameter with a certain probability.
Critical Value
A point on the scale of the test statistic beyond which we reject the null hypothesis; it marks the threshold for statistical significance.
T-Distribution
A probability distribution used in statistical analysis which is appropriate for estimating population parameters for small sample sizes or unknown variances.
T-Distribution
A probability distribution that arises in the sampling distribution of the mean of a normally distributed population when the sample size is small and the population standard deviation is unknown.
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