The Scores on a Standardized Test Are Reported by the Testing

question 65

Essay

The scores on a standardized test are reported by the testing agency to have a mean of 70. Based on his personal observations, a school guidance counselor believes the mean score is much higher. He collects the following scores from a sample of 50 randomly chosen students who took the test. $$\begin{array} { l l l l l l l l l l } 39 & 48 & 55 & 63 & 66 & 68 & 68 & 69 & 70 & 71 \\71 & 71 & 73 & 74 & 76 & 76 & 76 & 77 & 78 & 79 \\79 & 79 & 79 & 80 & 80 & 82 & 83 & 83 & 83 & 85 \\85 & 86 & 86 & 88 & 88 & 88 & 88 & 89 & 89 & 89 \\90 & 91 & 92 & 92 & 93 & 95 & 96 & 97 & 97 & 99\end{array}$$ Use the data to conduct a test of hypotheses at α = .05 to determine whether there is any evidence to support the counselor's suspicions.

Recognize the law of increasing opportunity costs and its graphical representation as a bowed-out PPF.

Identify the economic decisions regarding what, how, and for whom to produce as foundational questions addressed by any economic system.

Understand the impact of technological improvements on production efficiency and the economy's potential output.

Comprehend the role of market forces, represented by Adam Smith's "invisible hand", in allocating resources efficiently.

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Definitions:

Rehearsal

A cognitive process involving the repetitive review of information to enhance memory retention.

Short-Term Memory

The ability to keep a limited amount of data actively available in one's consciousness for a brief duration.

Short-Term

Relating to or occurring over a short period of time; often used in the context of memory to describe information held temporarily for processing.

Trace

A very small amount or indication of something.