## 2019_2 NOUN TMA3 Solutions - ECO254 - Statistics For Economist II

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### 2019_2 NOUN TMA3 Solutions - ECO254 - Statistics For Economist II

ECO254

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__ is a statistical test in which the
critical area of a distribution is two
sided and tests whether a sample is
either greater than or less than a
certain range of values?
two tailed test

__ the values of a population
parameter and that of the
corresponding statistic are not
always the same?
Sampling error

In our day to day business activities,
___ is known as producerâ€™s risk?
type 1 error

_ are those parameters that are
used in estimating variables of
selected population parameters?
Sample parameters

If 150 tosses are made of a fair coin,
find the probability that between
38% and 58% will be heads.
Calculate to the nearest two decimal
place?
0.55

_ is the reverse that is one accepts
the hypothesis when it should be
rejected?
type 2 error

_ explains how to conduct a
hypothesis test for the difference
between two means?
Difference between mean

__ occurs when/if an hypothesis
(Null hypothesis) is rejected when it
should be accepted?
type 1 error

In our day to day business activities
__ is known as consumerâ€™s risk?
type 2 error

A__ is considered to be known
when we know the probability
distribution?
population

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