A Parametric Inferential Statistical Test of the Null Hypothesis for a Single

question 12

Multiple Choice

A parametric inferential statistical test of the null hypothesis for a single sample where the population variance is known is the

• A)t test.
• B)standard deviation.
• C)z test.
• D)standard error test.

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Definitions:

Marginal Cost

The additional cost incurred by producing one extra unit of a good or service.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive.

Allocative Efficiency

A state of resource distribution where it is impossible to make any one individual better off without making someone else worse off.