Exhibit 11-1 -Given Aggregate Demand and Aggregate Supply Schedule #2 in Exhibit

question 169

Multiple Choice

Exhibit 11-1

-Given aggregate demand and aggregate supply schedule #2 in Exhibit 11-1, the equilibrium output level and price level are

• A)output $7.0, price level 110
• B)output $6.5, price level 120
• C)output $6.0, price level 130
• D)output $5.5, price level 140
• E)output $5.0, price level 150

Recognize the formulation of null and alternative hypotheses and the role of equality in hypothesis statements.

Identify the appropriate hypothesis testing approach for different research questions and data characteristics.

Interpret p-values and their significance in the context of hypothesis testing.

Understand the critical value approach in hypothesis testing and its relation to the acceptance or rejection of hypotheses.

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