TABLE 11-3
A realtor wants to compare the average sales-to-appraisal ratios of residential properties sold in four neighborhoods (A, B, C, and D). Four properties are randomly selected from each neighborhood and the ratios recorded for each, as shown below.
Interpret the results of the analysis summarized in the following table:
A) 3.
B) 4.
C) 12.
D) 16.
Answer:
A
Diff: 1
-Referring to Table 11-3,
A) at the 0.05 level of significance, the mean ratios for the 4 neighborhoods are not all the same.
B) at the 0.01 level of significance, the mean ratios for the 4 neighborhoods are all the same.
C) at the 0.10 level of significance, the mean ratios for the 4 neighborhoods are not significantly different.
D) at the 0.05 level of significance, the mean ratios for the 4 neighborhoods are not significantly different from 0.

Question

TABLE 11-3
A realtor wants to compare the average sales-to-appraisal ratios of residential properties sold in four neighborhoods (A, B, C, and D). Four properties are randomly selected from each neighborhood and the ratios recorded for each, as shown below.
  Interpret the results of the analysis summarized in the following table:
  A) 3.
B) 4.
C) 12.
D) 16.
Answer:
A
Diff: 1
-Referring to Table 11-3,
A) at the 0.05 level of significance, the mean ratios for the 4 neighborhoods are not all the same. 
B) at the 0.01 level of significance, the mean ratios for the 4 neighborhoods are all the same. 
C) at the 0.10 level of significance, the mean ratios for the 4 neighborhoods are not significantly different. 
D) at the 0.05 level of significance, the mean ratios for the 4 neighborhoods are not significantly different from 0.

Quizplus · Accepted Answer

The table shows the results of a one-way ANOVA test for comparing the means of the sales-to-appraisal ratios of residential properties in four different neighborhoods. The F-statistic is 3, which indicates that there is some evidence of a difference in means among the neighborhoods. The p-value associated with this F-statistic is 0.035, which is less than 0.05 but greater than 0.01, suggesting that the mean ratios for the 4 neighborhoods are significantly different at the 0.05 level of significance but not at the 0.01 level of significance. Therefore, choice A is the best answer.

TABLE 11-3 a Realtor Wants to Compare the Average Sales-To-Appraisal Ratios of Ratios