1
Q
Type 1 Error
A
When we Reject the Null hypothesis, but the Null is actually true. `
2
Q
Type 2 Error
A
When we do not reject the Null, but the Null is actually false
3
Q
Level of Significance for a test
A
The number a, such that a is the probability a test result will be a Type 1 error
4
Q
Observed Significance
A
the probability that if the same test was repeated on a new sample, the result would be at least as contrary to the Null and in favour of the Alternative, as was the outcome before.
Econ 2B03
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