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improvement, two economists predicted no change, and four economists predicted a decline in the economy. Conduct a hypothesis test at the 0.10 significance level to determine if the majority of economists predict an improvement in the economy. Based on the analysis, we should

improvement, two economists predicted no change, and four economists predicted a decline in the economy. Conduct a hypothesis test at the 0.10 significance level to determine if the majority of economists predict an improvement in the economy. Based on the analysis, we should

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section: Chapter Questions
Problem 8CR
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Suppose that major new legislation was recently passed by the government. Fourteen economists were sampled and asked to predict if the national economy would improve during the next 12 months compared to its present state as a result of this legislation. Eight of the economists predicted an improvement, two economists predicted no change, and four economists predicted a decline in the economy. Conduct a hypothesis test at the 0.10 significance level to determine if the majority of economists predict an improvement in the economy. Based on the analysis, we should Multiple Choice fail to reject Ho so there is insufficient evidence to show the majority of economists predict an improvement fail to reject Ho and conclude the majority of economists predict a decline in the economy reject Ho and conclude the majority of economists predict an improvement in the economy reject Ho and conclude the majority of economists predict a decline or no change in the economy
Transcribed Image Text:Suppose that major new legislation was recently passed by the government. Fourteen economists were sampled and asked to predict if the national economy would improve during the next 12 months compared to its present state as a result of this legislation. Eight of the economists predicted an improvement, two economists predicted no change, and four economists predicted a decline in the economy. Conduct a hypothesis test at the 0.10 significance level to determine if the majority of economists predict an improvement in the economy. Based on the analysis, we should Multiple Choice fail to reject Ho so there is insufficient evidence to show the majority of economists predict an improvement fail to reject Ho and conclude the majority of economists predict a decline in the economy reject Ho and conclude the majority of economists predict an improvement in the economy reject Ho and conclude the majority of economists predict a decline or no change in the economy
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