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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
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
