Using Data from a Group to Generalize About the Whole

question 85

Multiple Choice

Using data from a group to generalize about the whole group involves the use of ___.

• A)descriptive statistics
• B)inferential statistics
• C)population derivation
• D)sample persuasion
• E)relative level data

Recognize differences in testing hypotheses for one-sample, matched-pairs, and independent samples.

Apply the correct hypothesis testing procedure based on the characteristics of the data (distribution, sample size, matched vs. independent samples).

Understand the implications of significance levels and p-values in hypothesis testing.

Understand the application and interpretation of the Wilcoxon Signed-Rank test for comparing the locations of two population distributions.

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Definitions:

Incremental Choices

Decisions made by comparing the additional benefits and costs of a little more or a little less of some activity.

Margin

In finance, the difference between the selling price and the cost of the goods sold, often expressed as a percentage of sales.

Economic Activity

The actions that involve the production, distribution, and consumption of goods and services in an economy.

Marginal Analysis

An examination of the benefits and costs of one additional unit of change.