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If the price level doubles in a 23-year period, we can conclude that the average annual rate of inflation over that period was about 3 percent.
Normally Distributed
Describes a probability distribution that is symmetrical around the mean, with a specific bell shape indicating that data near the mean are more frequent in occurrence than data far from the mean.
Sample Variances
Measures of the dispersion or spread within a set of sample data, quantifying how much the samples differ from each other.
Test Statistic
A calculated value from sample data used to determine if a hypothesis about a population parameter is supported.
Random Samples
Selections made in such a way that each individual in the population has an equal chance of being included in the sample.
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