Data Were Collected from the Sale of 25 Properties by a Local

question 127

Multiple Choice

Data were collected from the sale of 25 properties by a local real estate agent. The following printout concentrated on the land value variable from the sampled properties. HYPOTHESIS: MEAN X $= x$

What assumptions are necessary for any inferences derived from this printout to be valid?

• A)The sampling distribution of the sample mean is approximately normal.
• B)The sample was selected from an approximately normal population.
• C)The sampled data are approximately normal.
• D)None. The Central Limit Theorem makes any assumptions unnecessary.

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Definitions:

Price Paid

Refers to the amount of money exchanged for a good or service at the time of the transaction.

Per-Unit Tax

A fixed amount of tax imposed on each unit of a good or service sold.

Effective Price

The actual price paid by consumers after accounting for taxes, subsidies, or any other adjustments to the sticker price.

Sellers

individuals or entities that offer goods or services in exchange for payment.