20 Economists Were Sampled and Asked to Predict If the National

question 30

Multiple Choice

20 economists were sampled and asked to predict if the national economy would improve during the next twelve months. Eleven of the economists predicted an increase, two economists predicted no change, and seven economists predicted a decrease in the economy. Conduct a hypothesis test at the 0.10 significance level to determine if the majority of economists predict an increase. The test statistic is:

• A) 0.707
• B) 1.179
• C) 1.707
• D) 0.179

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Definitions:

Mitigate

To lessen or try to lessen the severity or seriousness of something.

Strategies

Plans of action designed to achieve a long-term or overall aim, often involving multiple steps or tactics.

Horizontal Transfer

The movement or application of skills and knowledge across similar tasks or contexts at the same level of complexity.

Vertical Transfer

The movement or sharing of skills, knowledge, or information from higher to lower levels within an organization, or vice versa.