Test 4 Question 8 Answer

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Test 4

8.

State the conclusion based on the results of the test. According to the Federal Housing Finance​ Board, the mean price of a​ single-family home two years ago was ​$299,400.

A real estate broker believes that because of the recent credit​ crunch, the mean price has decreased since then. The null hypothesis is not rejected.

Choose the correct answer below.

  1. There is not sufficient evidence to conclude that the mean price of a​ single-family home hasdecreased from its level two years ago of ​$299,400.
  2. There is sufficient evidence to conclude that the mean price of a​ single-family home has decreased from its level two years ago of ​$299,400.
  3. There is sufficient evidence to conclude that the mean price of a​ single-family home has increased from its level two years ago of ​$299,400.
  4. There is not sufficient evidence to conclude that the mean price of a​ single-family home has increased from its level two years ago of ​$299,400.

 

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This question is taken from Math 136 – Introduction to Statistics » Summer 2021 » Test 4