Consumer Spending in 2014 Rose to Its Highest Level Since

question 128

True/False

Consumer spending in 2014 rose to its highest level since 2007.

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Definitions:

Test Statistic

A numerical quantity calculated from a sample of data, used in statistical testing to make decisions about a population parameter.

P-value

The probability of achieving outcomes as significant as, or more significant than, the ones observed, under the premise that the null hypothesis is valid.

Test Statistic

A numerical value calculated from sample data during a hypothesis test, used to assess the strength of evidence against the null hypothesis.

Population Proportions

The fraction or percentage of the population that possesses a particular property.