If an Economist Wishes to Determine Whether There Is Evidence

question 128

Multiple Choice

If an economist wishes to determine whether there is evidence that mean family income in a
Community equals $50,000

• A) either a one-tail or two-tail test could be used with equivalent results.
• B) a one-tail test should be utilized.
• C) a two-tail test should be utilized.
• D) None of the above.

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Definitions:

Fluid Intelligence

The capacity to reason quickly and think abstractly, enabling problem-solving and learning independently of previous specific knowledge.

Hierarchical Model

A framework or model that organizes elements of a theory or concept into levels of subordination or rank, often used to describe systems, organizations, or relationships within data.

Hierarchical Model

A way of organizing objects, ideas, or information in a structure where items are ranked according to levels of importance or authority.

Correlation Coefficients

Statistical measures that indicate the extent to which two or more variables fluctuate together.