A Real Estate Agency, Located in a Metropolitan Area in the Northeastern

question 27

Multiple Choice

A real estate agency, located in a metropolitan area in the northeastern U.S., kept data on the various types of properties purchased in the area. Historically, 15% of purchases
Were for condominiums, 30% were for townhouses, 40% for single family homes, 10%
For commercial properties and 5% for land. With changing demographics, the agency
Wondered if the current distribution matches the historical distribution. Recent data
Showed the following: $$\begin{array} { l | c | c | c | c | c } \text { Type of Property } & \text { Condos } & \text { Townhouses } & \text { Homes } & \text { Commercial } & \text { Land } \\\hline \text { Frequency } & 89 & 121 & 78 & 25 & 12\end{array}$$ The value of the Chi-square test statistic is

• A) χ 2 = 5.993
• B) χ 2 = 62.538
• C) χ 2 = 101.482
• D) χ 2 = 77.431
• E) χ 2 = 8.101

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Definitions:

Tax Revenue

Tax revenue is the income gained by governments through taxation, a primary source of income used to fund public services and obligations.

National Saving

The total amount of savings generated within a country, consisting of both private savings by households and public savings by the government.

Trillion

A numerical value represented as 1,000,000,000,000, or 10^12, often used in the context of discussing national budgets or macroeconomic figures.

Private Saving

The amount of income left after individuals have paid taxes and consumed goods and services, which can be used for investment or lending.