When Is a T-Test Used Instead of a Z-Test

question 17

Multiple Choice

When is a t-test used instead of a z-test?

• A)When the population µ is known
• B)When the population deals with two samples
• C)When the population standard deviation is known
• D)When the population standard deviation is unknown

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Definitions:

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies while the other players' strategies remain unchanged.

Payoff

The benefit or return that one receives as a result of an investment or action; a rephrasing of economic payoff emphasizing the outcome aspect.

Cartel

An association of independent businesses or countries that work together to control prices and limit competition for their mutual benefit.

Incentive

A benefit, reward, or cost that motivates an economic agent to engage in a particular course of action.