The Standard for Suggesting That a Result Is Statistically Significant

question 74

Multiple Choice

The standard for suggesting that a result is statistically significant is if the chances are less than __________ in 100 that it occurred by chance.

• A).05
• B)5
• C)10
• D)25

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Definitions:

Deadweight Loss

A shortfall in economic optimization that occurs when the balance for a good or service is missed or impossible to hit.

Tax

A compulsory financial charge or levy imposed by a government on individuals or entities to fund public expenditure.

Consumer Surplus

The difference between the aggregate willingness to pay by consumers for a good or service and the aggregate actual payment.

Deadweight Loss

An economic inefficiency caused by a disruption in market equilibrium, leading to a loss of societal welfare.