The Average Household Size in the US in 2012 Was

question 40

Multiple Choice

The average household size in the US in 2012 was 2.55 persons (Source: US Census Bureau) .In order to test for a change in the average size of a household, the correct null and alternative hypothesis would be:

• A) H₀: µ > 2.55 persons (The average household size is greater than 2.5 persons.)
• H_a: µ ≤ 2.55 persons (The average household size is no more than 2.55 persons.)
• B) H₀: µ = 2.55 persons (The average household size is 2.55 persons.)
• H_a: µ ≠ 2.55 persons (The average household size is not 2.55 persons.)
• C) H₀: µ ≠ 2.55 persons (The average household size is not 2.55 persons.)
• H_a: µ = 2.55 persons (The average household size is 2.55 persons.)
• D) H₀: µ ≤ 2.55 persons (The average household size is no more than 2.55 persons.)
• H_a: µ > 2.55 persons (The average household size is greater than 2.55 persons.)
• E) H₀: µ < 2.55 persons (The average household size is less than 2.55 persons.)
• H_a: µ > 2.55 persons (The average household size is greater than 2.55 persons.)

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Definitions:

Payoff Matrix

A table that describes the possible outcomes of different strategies in a strategic situation, helping in decision making.

Best Interest

A principle requiring decisions to be made in the welfare or benefit of those affected, commonly used in legal, financial, and fiduciary contexts.

Commit

To pledge or bind oneself to a certain course or policy; often implies dedicating resources or time.

Nash Equilibrium

A concept within game theory where no player can benefit by changing strategies while the other players keep theirs unchanged.