Twenty Economists Were Sampled and Asked to Predict If the National

question 33

Multiple Choice

Twenty economists were sampled and asked to predict if the national economy would improve during the next 12 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 predicts an increase. The test statistic is ________.

• A)0.224
• B)1.179
• C)1.707
• D)0.179

Explore mechanisms to combat social loafing in large organizations.

Understand the concept of opinion leaders and their role in influencing product awareness and adoption.

Identify and describe the different methods employed to recognize opinion leaders within social groups.

Recognize the importance and mechanism of word-of-mouth (WOM) marketing in influencing consumer behavior.

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Definitions:

Hours On The Job

The amount of time that employees spend working during a given period, often used to measure labor productivity and working conditions.

Per Capita Gdp

A measure of the average economic output per person, calculated by dividing the Gross Domestic Product (GDP) by the total population.

Japan

A country in East Asia known for its advanced technology, rich culture and history, and significant economic power.

China

A country located in East Asia, known for being the world's most populous country and for its rich history and cultural heritage.