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.

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Definitions:

Simplify

To reduce a mathematical expression or equation to its simplest form without changing its value.

Complex Fraction

This refers to a fraction wherein the numerator and/or denominator is also a fraction.

Simplify

Simplifying a mathematical expression or equation involves breaking it down to its most basic form to make it simpler to comprehend or resolve.

Complex Fraction

A fraction in which either the top number, bottom number, or both are themselves fractions.