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According to the dynamic AD-AS model, the economy always returns to the Solow growth rate in the long run. Why then should government intervene and do anything when the economy suffers a negative aggregate demand shock and falls into a recession?
Standardized Test Statistic
A test statistic that has been converted into a standard form so that it can be directly compared to a distribution.
Rank Sum
A statistical measure used to compare the distributions of two or more groups by summing ranks assigned to their observations.
Alternative Hypothesis
A statistical hypothesis that suggests a difference or effect, contrary to the null hypothesis.
Critical Value
A point on the scale of the test statistic beyond which we reject the null hypothesis, given the significance level of the test.
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