If an Economist Wishes to Determine Whether There Is Evidence

question 166

Multiple Choice

If an economist wishes to determine whether there is evidence that mean family income in a community equals $50,000,

• A) either a one-tail or two-tail test could be used with equivalent results.
• B) a one-tail test should be utilized.
• C) a two-tail test should be utilized.
• D) none of the above

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Definitions:

Material Fact

A fact that, if known, would influence a party's decision to enter into a contract or transaction.

Administrative Law Judge

An official who presides over court-like hearings for administrative agencies, making decisions on disputes between the agency and individuals.

Section 12(a)(1)

A specific provision in a statute or legal code, the context of which depends on the broader legislation it is part of.

Section 5

A provision of the Federal Trade Commission Act that prohibits unfair or deceptive acts in commerce.