The Necessary Conditions Having Been Met, a Two-Tailed Test Is

question 115

Multiple Choice

The necessary conditions having been met, a two-tailed test is being conducted to test the difference between two population means, but your statistical software provides only a one-tail area of 0.036 as part of its output. What is the p-value for this test?

• A) 0.009
• B) 0.018
• C) 0.072
• D) 0.964

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Definitions:

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one product for another.

Income Effect

Economic principle that describes how a change in an individual's income affects their purchasing behavior.

Interest Rate

The percentage charged on a loan or paid on savings over a certain period of time, essentially the cost of borrowing money or the reward for saving.

Optimal Choice

The most efficient, advantageous selection or decision based on available information and constraints.