Statistical Significance, Magnitude of Effect, and Clinical Significance

question 15

Multiple Choice

Statistical significance, magnitude of effect, and clinical significance:

• A) Overlap greatly and any two allows one to infer the other one
• B) Reflect different facets of the data and bear no necessary relation to each other
• C) A large effect size is likely to mean both that the effect was statistically and clinical significant
• D) a and b

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Definitions:

Efficient Amount

The quantity of a good or service that achieves the optimal balance between benefits and costs, maximizing societal welfare.

Marginal Social Cost

The additional cost imposed on society as a whole by producing one more unit of a good or service.

External Costs

External costs are expenses that are not borne by the individuals or organizations responsible but rather by society as a whole, often involving negative environmental impacts.

Efficient Level

The point at which a system operates at maximum capacity without waste, producing optimal output with the lowest input.