The Probability of Type II Error Becomes Bigger If the Level

question 43

True/False

The probability of type II error becomes bigger if the level of significance is changed from 0.01 to 0.05.

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Definitions:

Productive

The efficiency at which an individual, company, or economy can convert input resources into useful output.

Diminish Profits

The reduction in the amount of earnings as a result of increased costs, decreased revenue, or both.

Economic Profit

The financial difference created by subtracting total explicit and implicit expenses from total revenue in a company.

Fixed Input

A resource or factor of production whose quantity does not change with the level of output in the short run.