TABLE 10-3
a Real Estate Company Is Interested in Testing $\bar{X}$

question 74

Multiple Choice

TABLE 10-3
A real estate company is interested in testing whether the mean time that families in Gotham have been living in their current homes is less than families in Metropolis. Assume that the two population variances are equal. A random sample of 100 families from Gotham and a random sample of 150 families in Metropolis yield the following data on length of residence in current homes.
Gotham: $\bar{X}$ 1 G = 35 months, SG² = 900 Metropolis: $\bar{X}$ M = 50 months, SM² = 1050
-Referring to Table 10-3, what is(are) the critical value(s) of the relevant hypothesis test if the level of significance is 0.05?

• A) t \(\cong\) Z = -1.645
• B) t \(\cong\) Z = ±1.96
• C) t \(\cong\) Z = -1.96
• D) t \(\cong\) Z = -2.080

Identify logical fallacies in economic reasoning.

Understand the role of government policy in achieving economic objectives such as equity and stability.

Appreciate the importance of ceteris paribus in isolating variables for analysis.

Recognize the implications of assuming all else equal in economic models.

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