We Have Two Percentages and We Want to Know If

question 35

Multiple Choice

We have two percentages and we want to know if they are statistically different. We calculate our z and find that it is 4.21. This means:

• A) the two percentages are the same
• B) the two percentages are not statistically different
• C) the two percentages have a 421 percent chance of not being different
• D) the two percentage are statistically different
• E) the two percentages have a 421 percent chance of being different

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Definitions:

Price Level

A general measure of current prices for every type of good or service created in the economy.

Real Wage

The purchasing power of an individual's earnings, adjusted for inflation, reflecting the actual goods and services that wages can buy.

Monopsonist

A market condition where there is only one buyer for a product or service, giving that buyer significant control over the market.

MRP

Stands for Material Requirements Planning, a system used for production planning, scheduling, and inventory control.