An Increase in the Federal Minimum Wage Will Shift the Long-Run

question 147

True/False

An increase in the federal minimum wage will shift the long-run aggregate supply curve to the left.

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Definitions:

Test Statistic

A value calculated from sample data used to evaluate the validity of a hypothesis in statistical tests.

Degrees of Freedom

Refers to the count of values in the final calculation of a statistic that are free to vary.

Student T-distribution

A probability distribution that is used for estimating population parameters when the sample size is small and the population variance is unknown.

Normal Distribution

A probability distribution that is symmetric about the mean, depicting that data near the mean are more frequent in occurrence than data far from the mean.