Which of the Following Is a Microeconomic Statement

question 77

Multiple Choice

Which of the following is a microeconomic statement?

• A) Interest rates in Canada are directly linked to interest rates in the United States.
• B) The Competition Bureau accuses oil companies of illegally fixing gas prices.
• C) The government negotiated a trade agreement with the European Union.
• D) The unemployment rate increased by 1.5% this year.
• E) National output fell by 1% last year.

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Definitions:

Null Hypothesis

The default hypothesis that there is no effect or no difference, and any observed effect is due to sampling variability.

Type I Error

The probability of rejecting the null hypothesis when it is actually true, also known as a false positive.

Type II Error

A statistical mistake of failing to reject a false null hypothesis; also known as a false negative.