If an Economist Wishes to Determine Whether There Is Evidence

question 40

Multiple Choice

If an economist wishes to determine whether there is evidence that average family income in a community exceeds $50,000

• A) a two-tailed test should be utilised.
• B) either a one-tailed or two-tailed test could be used with equivalent results.
• C) a one-tailed test should be utilised.
• D) None of the above.

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Definitions:

Arbitration

A form of dispute resolution where an impartial third party makes a binding decision to resolve a conflict.

Arbitrator

A neutral third party who is appointed to resolve a dispute between two or more parties by making a decision after considering all the relevant facts and arguments.

Negotiations

The process in which two or more parties with differing needs and goals discuss an issue to find a mutually acceptable agreement.

Alternative Dispute Resolution

A range of processes and techniques outside of the judicial system that are used to resolve conflicts or disputes between parties, including mediation and arbitration.