An experiment involves selecting a random sample of 256 middle managers at rando

Question

An experiment involves selecting a random sample of 256 middle managers at random for study. One item of interest is their mean annual income. The sample mean is computed to be $35, 420 and the sample standard deviation is $2, 050. What is the standard error of the mean? A) $128.125 B) $138.36 C) $2, 050 D) $8.01 E) None of the above If the level of significance is 0.10, what is the z-statistic for a confidence interval? A) 1.65 B) 2.58 C) 1.28 D) plusminus 1.28 E) plusminus 1.65 The z-value for a two-tailed test or a 98% confidence interval is: a. 1.28 b. 1.65 c. 1.96 d. 2.33 The value of alpha for a two-tailed test or a 98% confidence interval is: a. 0.20 b. 0.10 c. 0.05 d. 0.02 e. 0.01 What is the distribution with a mean of 0 and a standard deviation of 1 called? A) Frequency distribution B) z-value C) Standard normal distribution D) Binomial probability distribution E) None of the above What do we call the statement that determines if the null hypothesis is rejected? A) Decision rule B) Test statistic C) Alternate hypothesis D) critical value

Explanation / Answer

1. Standard error is given by 2050/sqrt(256)=128.125 option A

2. level of significance of 0.01 means confidence interval of 99%, for which the z is 2.575. Answer is B

3. z value for 98% confidence is 2.33. Answer is d

4. alpha will be (1-0.98)/2 or 0.02/2 or 0.01 option D

5. C is the right answer

6. A is the right answer

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