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

question 6

True/False

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 0.156 as part of its output. The p-value for this test will be 0.078.

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Definitions:

Inferior Good

A good that has a negative income effect.

Goods

Physical items that satisfy human wants or needs and can be transferred or sold.

Price-Consumption Curve

Curve tracing the utility-maximizing combinations of two goods as the price of one changes.

Utility

A measure of satisfaction or happiness that a consumer derives from the consumption of goods and services.