In Order to Conduct a Test of Hypothesis with Means

question 8

Multiple Choice

In order to conduct a test of hypothesis with means or proportions, the sampling distribution must be________.

• A) skewed.
• B) large.
• C) bimodal.
• D) normal.

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Definitions:

Aggregate Demand

Unified request for the provision of goods and services in an economy, calculated at a specific scale of overall price for a given duration.

Aggregate Supply

The total supply of goods and services that firms in an economy are willing and able to sell at a given price level in a specific time period.

Long Run Aggregate-Supply

In economics, it represents the total quantity of goods and services that producers in an economy are willing and able to supply at a full employment level, regardless of the price level, over a long period.

Long-Run Equilibrium

A state in which all factors of production are optimally allocated, and firms in a competitive market have no incentive to change their output level or enter/exit the industry.