The United States Has Been Willing to Trade-Off Greater Efficiency

question 68

True/False

The United States has been willing to trade-off greater efficiency for greater wage equality.

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Definitions:

Probability of Error

Probability of error refers to the likelihood that a statistical decision or hypothesis test will result in a wrong conclusion.

Test Power

The probability that a statistical test will correctly reject a false null hypothesis, essentially the ability of a test to detect an effect if there is one.

Conditional Probabilities

are the probabilities of an event occurring given that another event has already occurred.

Type Errors

Errors made in hypothesis testing where Type I error is rejecting a true null hypothesis, and Type II error is failing to reject a false null hypothesis.