While Conducting a Goodness-Of-Fit Test If the Observed and Expected $\chi ^ { 2 }$

question 6

Multiple Choice

While conducting a goodness-of-fit test if the observed and expected values are close, you would expect which of the following:

• A) Small \(\chi ^ { 2 }\) value, large \(P\)-value
• B) Small \(\chi ^ { 2 }\) value, small \(P\)-value
• C) Large \(\chi ^ { 2 }\) value, large \(P\)-value
• D) Large \(\chi ^ { 2 }\) value, small \(P\)-value

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Definitions:

Externality

The uncompensated impact of one person’s actions on the well-being of a bystander

Total Cost

The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.

Organic

Pertaining to or derived from living organisms; in agriculture, involving food produced without the use of synthetic pesticides or fertilizers.

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved or is not achievable.