Twenty Economists Were Sampled and Asked to Predict If the National

question 106

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 predict an increase. Based on the analysis, we would conclude that:

• A) the economists favor an increase in the economy.
• B) the economists favor a decrease in the economy.
• C) the economists favor no change in the economy.
• D) No conclusion can be reacheD.

---

Definitions:

Culture

The shared beliefs, customs, arts, and institutions of a community, transmitted socially across generations.

Development Of Personality

The process by which an individual's distinctive patterns of thought, feeling, and behavior develop over time, influenced by both genetic and environmental factors.

Delusional System

A set of persistent false beliefs held despite evidence to the contrary, often occurring as part of psychiatric disorders.

Social Norms

Informal understandings that govern the behavior of members of a society, shaping expectations and regulations of conduct.