Quiz 3 - ECO220 Quiz#2(March 2 2007 FORM 01 SOLUTIONS Page 1 of 1(1 When doing hypothesis testing what is(C(2 Which rely on the Central Limit

Quiz 3 - ECO220 Quiz#2(March 2 2007 FORM 01 SOLUTIONS Page...

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ECO220 Quiz #2 (March 2, 2007) FORM 01 Page 1 of 1 SOLUTIONS (1) When doing hypothesis testing, what is α ? (C) (2) Which rely on the Central Limit Theorem? (C) (3) Which is closest to the 95% interval estimate of the population mean? (E) (4) In hypothesis testing, what does a very small p-value mean? (B) (5) What is a Type II error? (B) (6) What is the p-value? (E) (7) What should you conclude? (A) (8) Suppose you are testing the difference between two population means to answer a research question about whether prices are higher in Population 1 compared to Population 2. You obtain the following: X1-bar = $25.55, X2-bar = $18.03 and p-value = 0.0047. What can you conclude about the economic and statistical significance of the difference? (C) (9) Which of the following graphs shows the probability of making a Type II error (shaded area)? (D) (10) What is the rejection region? (C) (11)
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Unformatted text preview: (11) What is the test statistic to compare with the rejection region? (D) (12) What is the point estimate of the average number of accidents for those who do NOT use their cell while driving? (A) (13) Consider the difference in the fraction that have been in one or more accidents between these two groups. What is the 95% interval estimate of the difference? (B) (14) Which conclusion can be drawn? (C) (15) What are the point estimates of the proportion of ordinary mail that arrives within 2-days and the proportion of Priority Mail that arrives within 2-days? (D) (16) At a 5% significance level, do these data support the claims of the spokesperson? (A) (17) You are asked to investigate salary discrepancies between male and female workers. In which of the following circumstances would a matched pair approach be recommended? (D) (18) What is the p-value? (C)...
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  • Spring '14
  • Schmid
  • Economics, Statistics, Hypothesis testing, Statistical hypothesis testing, type ii error, interval estimate

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