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Average Family Income
The mean amount of money earned by members of a family in a given period, often used to measure economic status.
Confidence Interval
A span of numbers obtained from sample observations, expected to encompass the value of an unseen population characteristic.
Null Hypothesis
A statement or hypothesis that indicates no statistical significance or effect, essentially asserting that any observed differences are due to chance.
Alpha Level
Alpha level, often denoted as α, is a threshold value used in statistics to determine the significance of a result, especially in hypothesis testing; it represents the probability of erroneously rejecting the null hypothesis.
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