Twenty economist were chosen randomly, and asked to predict if the national economy would improve during...

Free

60.1K

Verified Solution

Question

Statistics

Twenty economist were chosen randomly, and asked to predict ifthe national economy would improve during the next 12 months.Eleven of the economists predicted an increase, and nine economistspredicted a decrease in the economy. Conduct a hypothesis test todetermine if there is a difference in the prediction for thenational economy during the next 12 months. Use the normalapproximation to the Binomial. In addition, assign a â€œ+â€ sign toâ€œImproveâ€ and a â€œ-â€ sign to â€œDecrease.â€ Conduct a two-tailed testat the .05 significance level. What is(are) the criticalvalue(s)?

Answer & Explanation Solved by verified expert

4.2 Ratings (824 Votes)

Critical values = + Z_0.025 = -1.96 , 1.96

Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!

Become a Member

Twenty economist were chosen randomly, and asked to predict if the national economy would improve during...

Free

60.1K

Verified Solution

Question

Statistics

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Other questions asked by students

A major retail firm is considering a major change in its distribution system. It is considering...

One end of a heavy rod AB can slide along a rough fixed horizontal rod...

Sick computers Let be the event that a computer contains a virus and let W...

Expressions Add and subtract Assume that all variables represent positive real numbers 24 x13 7...

eco 26 Which of the following is true? O...

Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate costs...

"The best means of verification of cash, inventory, office equipment, and nearly all other assets...

The uncertainty associated with a firms ability to translate EBIT into earnings per share is...

Compute trend percents for the following accounts using 2020 as the base year. For each...

This is a step in a process that is the slowest compared to the other...

Attempts: 0 of 3 used b) The sales price increases by 12% and variable cost...