_____ Refers to the Probability That an Observed Relationship Was

question 20

Multiple Choice

_____ refers to the probability that an observed relationship was due to chance whereas _____ refers to the strength of an observed relationship.

• A) internal validity; external validity
• B) external validity; internal validity
• C) the effect size; statistical significance
• D) statistical significance; the effect size

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Definitions:

Labor Demanded

The total number of workers that employers are willing and able to hire at a given wage rate in a certain period of time.

Labor Supplied

The aggregate amount of hours that employees are prepared and capable of working for a specified rate of pay.

Binding Price Floor

A minimum price set by the government or body above the equilibrium price, leading to excess supply if the market cannot legally adjust to its equilibrium.

Sellers

Market participants involved in providing goods or services for purchase, playing a key role in the supply side of the economy.