The Smaller the Extent of Job Rationing, the

question 83

Multiple Choice

The smaller the extent of job rationing, the

• A)lower the labor force participation rate.
• B)lower potential GDP.
• C)higher the labor supply.
• D)lower the unemployment rate.
• E)higher the real wage rate.

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Definitions:

Critical Value

A point on the scale of the test statistic beyond which we reject the null hypothesis, significant in hypothesis testing.

Level of Significance

The probability of rejecting the null hypothesis in a statistical test when it is actually true; a measure of the risk of making a Type I error.

Proportions

A statistical measure that reflects the size of a part compared to the whole, typically expressed as a fraction or a percentage.

Level of Significance

The probability of rejecting the null hypothesis in a statistical test when it is actually true, typically set prior to conducting the test.