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ECN 221: Exam 3 Questions And Answers 100% Pass

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ECN 221: Exam 3 Questions And Answers 100% Pass Null hypothesis (H0) - ANS -represents the status quo. -is believed to be true unless there is overwhelming evidence to the contrary. alternative hypothesis (H1) - ANS -represents the opposite of the null hypothesis (research hypothesis) -Is believed to be true if the null hypothesis is found to be false Type I error - ANS -occurs when the null hypothesis is rejected when it is true - known as the producer's risk Type II error - ANS -occurs when we fail to reject the null hypothesis when it is not true - known as the consumer's risk two-tail hypothesis test - ANS used whenever the alternative hypothesis is expressed as μ≠ μ0 one-tail hypothesis test - ANS used when the alternative hypothesis is stated as < or > critical z-score - ANS identifies the rejection region

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ECN 221: Exam 3 Questions And Answers
100% Pass




Null hypothesis (H0) - ANS -represents the status quo.
-is believed to be true unless there is overwhelming evidence to the contrary.



alternative hypothesis (H1) - ANS -represents the opposite of the null hypothesis (research
hypothesis)
-Is believed to be true if the null hypothesis is found to be false



Type I error - ANS -occurs when the null hypothesis is rejected when it is true
- known as the producer's risk



Type II error - ANS -occurs when we fail to reject the null hypothesis when it is not true
- known as the consumer's risk



two-tail hypothesis test - ANS used whenever the alternative hypothesis is expressed as μ≠
μ0



one-tail hypothesis test - ANS used when the alternative hypothesis is stated as < or >



critical z-score - ANS identifies the rejection region
R198,33
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