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Explain purchasing power parity.
Significance Level
The probability of rejecting the null hypothesis in a statistical test when it is actually true, typically denoted by alpha.
Rule of Five
A statistical rule of thumb asserting that normal approximation can be used if an expected frequency is 5 or more in all categories of a binomial distribution.
Chi-squared Goodness-of-fit Test
A statistical test to determine if observed data deviates significantly from the expected distribution.
Grade Distribution
The statistical spread or pattern of grades received by students in a course or examination.
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