Examlex
Constant opportunity costs suggest that the relative cost of producing one product in terms of the other will remain the same no matter where a nation chooses to locate on its production-possibilities schedule.
Null Hypothesis
A hypothesis that assumes no significant difference or effect, serving as the default assumption in hypothesis testing.
Type I Error
The mistake of rejecting a true null hypothesis, also known as a "false positive".
Type II Error
A statistical error that occurs when the null hypothesis is not rejected when it is false, also known as a "false negative" finding.
Level Of Significance
The threshold probability used in hypothesis testing to determine if the null hypothesis can be rejected, typically denoted by alpha (α).
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