If the MRP of an Acre of Land Were $100

question 56

Multiple Choice

If the MRP of an acre of land were $100 and its rent were $50,

• A)twice as much land is being used as should be used.
• B)more land is being used than should be used.
• C)exactly the right amount of land is being used.
• D)not enough land is being used.

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Definitions:

Type II Error

The statistical error that occurs when one fails to reject a false null hypothesis, a mistake of not detecting an effect that is there.

Nonparametric Techniques

Statistical methods that do not assume a specific distribution for the data they are analyzing.

Parametric Techniques

Statistical methods based on assumptions about the distribution of the underlying population from which the sample data are drawn.

Confidence Interval

A range of values, derived from statistical analysis, that is likely to contain the value of an unknown parameter with a specified level of confidence.