-In Figure 5

question 51

Multiple Choice

-In Figure 5.1,if the economy begins with the initial capital stock at K3,the capital stock __________ and the economy __________.

• A)will increase;grow
• B)will decrease;shrink
• C)stay constant;is in its steady state
• D)will decrease;is in its steady state
• E)will stay constant;shrink

---

Definitions:

Power

The probability that a statistical test will correctly reject a false null hypothesis, or the test's sensitivity to detecting an effect.

Statistical Test

A procedure used to determine whether the observed data significantly deviates from a hypothesis.

Inferential Statistics

A branch of statistics that infers properties about a population based on a sample of data drawn from that population.

Descriptive Statistics

Values that organize and describe the characteristics of a collection of data, sometimes called a data set.