Question 1. For a two-tailed hypothesis test about μ, we can use any of the following approaches except
a. compare the p-value to the value of α (alpha)
b . compare the level of significance to the confidence coefficient
c. compare the confidence interval estimate of μ to the hypothesized value of μ
d. compare the value of the test statistic to the critical value
Question 2. An interval estimate is used to estimate
a. a sample statistic
b. a population parameter
c. the shape of the population's distribution
d. the sampling distribution
Question 3. A small stock brokerage firm wants to determine the average daily sales (in dollars) of stocks to their clients. A sample of the sales for 36 days revealed average daily sales of $200,000. Assume that the standard deviation of the population is known to be $18,000.
a. Provide a 90% confidence interval estimate for the average daily sale.
b. Provide a 99% confidence interval estimate for the average daily sale.
Question 4. An example of statistical inference is
a. descriptive statistics
b. calculating the size of a sample
c. a population mean
d. hypothesis testing
Question 5. If we reject the hypothesis H0: μ1 = μ2 = μ3, we can conclude that
a. all three population means are equal
b. all three population means are different
c. at least two population means are different
d. all three population means are similar