An Increase in the Overall Level of Prices in an Economy

question 55

Multiple Choice

An increase in the overall level of prices in an economy is referred to as

• A)economic growth.
• B)inflation.
• C)the price effect.
• D)the demand effect.

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Definitions:

Directional

In hypothesis testing, directional refers to a hypothesis that specifies the direction of an expected difference or relationship (e.g., greater than, less than) between two groups or variables.

≠ Symbol

A mathematical symbol indicating that two values are not equal.

Two-tailed

A type of statistical test that is designed to consider both directions of effect or difference, allowing for the exploration of relationships in both positive and negative directions.

Alternative Hypothesis

The hypothesis that proposes a statistical significance exists or that there is an observed effect in a study.