Examlex
In a labor market without an efficiency wage, minimum wage, or union wage, when the real wage rate is less than the equilibrium real wage rate, there is a ________ of labor and the real wage rate will ________.
Effect Size
A quantitative measure of the magnitude of a phenomenon or the strength of the relationship between variables.
Significance Level
The probability of rejecting the null hypothesis in a statistical test when it is actually true, typically set at 0.05 or 5%.
Degrees of Freedom
Represents the number of independent pieces of information available to estimate another piece of information or parameter in a dataset.
Test Statistic
A value calculated from sample data during a hypothesis test, used to decide whether to reject the null hypothesis.
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