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: Flex 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

In a downhill ski race surprisingly little advantage is gained by getting a running start. This...

An exhaust fan systems consists of 4 parallel v-belts wrapped around driver pulleys A and driven...

Determine whether there is an integer n > 1 such that there is a projective plane...

Question 6 is an example of a character that is controlled by more than one...

6 POINTS EACH 7 AB 2422 CB 2 122 8 AB 9 AB CB 02...

Clay Harden borrowed 24 000 from a bank at an interest rate of 10 compounded...

The types of civil cases that a private citizen can file in federal district courts...

What statistic did you use sample proportion Opopulation proportion An article about the relative priorities...

4 Estimate the values to complete the table adjacent leg hypotenuse 0 31 opposite leg...

Factor 11x-10x-1.O (11x + 1)(x-1)(11x-1)(x-1)(11x-1)(x + 1)(11x + 1) (1 1x-1)

ChocoTown has a 4,000 square foot outlet store that serves five major customer regions, denoted...

The total amount of the note and interest due on the maturity date of a...