I If the Critical Values of the Test Statistic Z

question 1

Multiple Choice

i. If the critical values of the test statistic z are ±1.96, they are the dividing points between the areas of rejection and non-rejection.
Ii) The probability of a Type I error is also referred to as alpha.
Iii) A Type I error is the probability of rejecting a true null hypothesis.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (i) and, (ii) are correct statements but not (iii).
• E) All statements are false

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Definitions:

Heuristics

Rules of thumb or mental shortcuts that simplify decision-making processes.

Rules-Of-Thumb

Informal guidelines or principles that simplify decision-making processes, based on experience rather than exact measures.

FCB Matrix

A strategic model designed to guide businesses in their advertising efforts, categorizing products based on levels of involvement and thinking/feeling dimensions.

Involvement Level

The degree of interest and concern a consumer shows towards a product or service when they are making a purchasing decision.