For a two-tail test for the population mean, σ known, which of the following statements is correct?

Null Hypothesis (H0): μ = μ0; Alternative Hypothesis (H1): μ ≠ μ0

What does a confidence interval provide?

A range of likely values around the point estimate of a pop. parameter

What is the purpose of statistical inference?

To infer conclusions about a population from sample data

What is the primary application of econometrics?

Analyzing economic phenomena using statistical methods

What does the Central Limit Theorem state?

As sample size increases, sampling distribution of mean => closer to normal

When is the Z formula for the sampling distribution applicable?

When the sample standard deviation is known

Which of the following statement concerning the margin of error in a confidence interval is correct?

It gets smaller as the sample size increases.

What does the level of significance (α) represent in hypothesis testing?

The probability of a Type I error

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1
For a two-tail test for the population mean, σ known, which of the following statements is correct?
Null Hypothesis (H0): μ ≥ μ0; Alternative Hypothesis (H1): μ < μ0
Null Hypothesis (H0): μ = μ0; Alternative Hypothesis (H1): μ ≠ μ0
Null Hypothesis (H0): μ ≤ μ0; Alternative Hypothesis (H1): μ > μ0
Null Hypothesis (H0): μ = μ0; Alternative Hypothesis (H1): μ > μ0 or μ < μ0
2
What does a confidence interval provide?
The probability of making a Type I error
The critical value for the test statistic
A range of likely values around the point estimate of a pop. parameter
The sample mean
3
What is the purpose of statistical inference?
To infer conclusions about a population from sample data
To draw conclusions about a sample from population data
To estimate a single sample statistic
To calculate critical values for hypothesis testing
4
What is the primary application of econometrics?
Applying regression analysis to experimental data
Studying basic business statistics
Solving complex mathematical equations
Analyzing economic phenomena using statistical methods
5
What does the Central Limit Theorem state?
The sampling distribution of the mean is always normally distributed.
As sample size increases, sampling distribution of mean => closer to normal
The standard error of the sample mean is equal to the population mean.
The sampling distribution of the mean is a uniform distribution.
6
When is the Z formula for the sampling distribution applicable?
When the population standard deviation is known
When the sample size is less than 30
When the sample standard deviation is known
Only when the population is normal
7
Which of the following statement concerning the margin of error in a confidence interval is correct?
It gets larger as the standard deviation (σ) increases.
It gets smaller as the confidence level increases.
It remains constant regardless of other factors.
It gets smaller as the sample size increases.
8
What does the level of significance (α) represent in hypothesis testing?
The probability of a Type II error
The population mean
The critical value for the test statistic
The probability of a Type I error

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