Explain the difference between a z-test and a t-test.
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A z-test is used when the population variance is known and the sample size is large (typically n ≥ 30), whereas a t-test is used when the population variance is unknown and must be estimated from the sample, especially for small sample sizes (n < 30).
Z-test: Used when the population variance is known or for large samples (n > 30).
T-test: Used when the population variance is unknown and for small samples (n ≤ 30).