If an Economist Wishes to Determine Whether There Is Evidence

question 3

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:

Compensation Strategy

A company’s plan or approach towards designing and implementing payment structures and benefits for its employees.

Formulating

The process of devising or developing strategies, plans, or policies.

Process

A series of actions or steps taken in order to achieve a particular end.

Interquartile Quotient

A measure assessing the dispersion or spread within a dataset, representing the range between the first and third quartiles.