The Famous Economist J M Keynes Observed "In the Long

question 20

Multiple Choice

The famous economist J M Keynes observed "In the long run we are all dead".Which of the following is demonstrated by this statement?

• A)Keynes was a victim of the law of large numbers.
• B)Keynes was a victim of the gambler's fallacy.
• C)Keynes, being an economist and not a psychologist, did not understand the central limit theorem.
• D)Keynes's statement is a prediction and we should ignore it unless it is testing a theory or it is associated with a significant p-value.
• E)None of the above.

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Definitions:

Null Hypothesis

A hypothesis in statistical analysis that suggests no significant difference or effect exists among the variables being studied.

Null Hypothesis

A hypothesis that assumes no significant difference or effect, set as a default against which alternative hypotheses are tested.

Mean Sales

The average revenue generated from sales activities over a specific period, calculated by summing total sales and dividing by the number of sales.

Null Hypothesis

A hypothesis that suggests there is no statistical significance between the two variables in the hypothesis.