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Define Fail to Reject Null Hypothesis

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Define fail to reject null hypothesis.

Understand the concept and implications of public choice theory.
Recognize the efficiency comparison between the private and public sectors.
Identify factors contributing to government failures such as rent-seeking behavior and special-interest effects.
Understand the concept of logrolling and its impact on government decisions.

Definitions:

One-sample T Statistic

A statistical measure used to compare the mean of a single sample to a known or hypothesized population mean.

Null Hypothesis

In statistical hypothesis testing, a statement that there is no effect or no difference, and any observed deviation from this is due to sampling or experimental error.

Significance Level

The probability of rejecting the null hypothesis in a statistical test when it is actually true, commonly denoted by alpha.

P-value

A measure in statistics that helps to determine the significance of results obtained in hypothesis testing, indicating the probability of observing the results if the null hypothesis is true.

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