Twenty economists were sampled and asked to predict if the national economy woul

Question

Twenty economists were sampled and asked to predict if the national economy would improve during the next 12 months. Eleven of the economists predicted an increase, two economists predicted no change, and seven economists predicted a decrease in the economy. Conduct a hypothesis test at the 0.10 significance level to determine if the majority of economists predict an increase. The null hypothesis is:

Select one:

A. H0 : 0.5

B. H0 : 0.5

C. H0 : = 0.5

D. H0 : 0.5

A confidence interval for a population mean ________.

Select one:

A. estimates the population standard deviation

B. estimates likelihood or probability

C. estimates a likely interval for a population mean

D. estimates the population range

Explanation / Answer

We need to test if a majority of economists predict an increase and hence,

Null hypothesis: H0 : 0.5

Option A is correct.

A confidence interval for the population mean estimates a likely interval for a population mean.

Option C is correct.

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