I to Prevent Bias, the Level of Significance Is Selected

question 97

Multiple Choice

i. To prevent bias, the level of significance is selected before setting up the decision rule and sampling the population.
Ii) The level of significance is the probability that a true hypothesis is rejected.
Iii) 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.

• 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) (ii) and (iii) are correct statements but not (i).

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Definitions:

Law Of Supply

The principle that, all else equal, an increase in the price of a good will result in an increase in the quantity supplied.

Suppliers

Entities or individuals that provide goods or services to consumers, businesses, or other organizations.

Good

A physical item that is produced and can be offered to the market to satisfy a want or need.

Market Price

The price of a commodity when sold in a given market, determined by supply and demand dynamics.