Question

Question 18 3 pts Small Sample Mean Problem. Each year the Heritage Foundation creates an Index of Economic Freedom for countries around the word based on assessments of freedom on property rights, corruption, business freedom, and labor freedom, among many others. We have a sample of 31 countries taken from the 2016 data. The following is a summary of this sample. Economic Freedom STEM Leaf 4* 64 509 18 22 24 32 42 5*60 65 74 75 76 77 91 93 6 00 02 12 19 22 30 31 659 66 75 87 7126 39 43 7* 54 77 Mean Median Min Max Variance Std Deviaton 61.174 60.000 46.400 77.700 63.004 7.938 12.975 31 Count A value of 464 is an index of 46.4 The Heritage Foundation feels an index below 60 reflects a country that is mostly unfree. If we were to conduct a test to see if the sample estimate is above 60 at an alpha level = .05, this would be a One-tailed test. True False

Answer 1

From the given information,

The correct answers are,

Question 18

It is true statement.

Question 19

19.159 to 19.741 is required confidence interval.

Hence, third option is correct.

Question 20

The value of test statistic is

(.4281-.45)/SQRT((.45*.55)/2266)

Hence, second option is correct.

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