The Results of Dr

question 46

Multiple Choice

The results of Dr.Mottle's study indicate a level of statistical significance at the .01 level.What does this mean?

• A)Results like these are due to chance factors only 1 in 100 times.
• B)There is a 95 percent chance that the sample results are not due to chance factors alone.
• C)The odds of such results based on chance alone are .05.
• D)One can be 95 percent confident that the results are due to a real relationship in the population.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, due to higher market prices.

Import Quota

A government-imposed limit on the quantity or value of goods that can be imported into a country, often used to protect domestic industries.

Tariff

A tax imposed on imported goods and services to increase their price and reduce competitiveness with domestic products.

Country

A defined geographic area or political unit acknowledged as a sovereign state.