Based on the average predictions of 47 members of the National Association of Business Economists (NABE), the U.S. gross domestic product (GDP) will expand by 3.2% in 2011 (The Wall Street Journal, May 23, 2010). Suppose the sample standard deviation of their predictions was 1%. At a 5% significance level, test if the mean forecast GDP of all NABE members is greater than 3%.
Answer to relevant QuestionsA car manufacturer is trying to develop a new sports car. Engineers are hoping that the average amount of time that the car takes to go from 0 to 60 miles per hour is below 6 seconds. The car company tested 12 of the cars ...A recent study found that consumers are making average monthly debt payments of $983 (Experian.com, November 11, 2010). The accompanying table shows a portion of average debt payments for 26 metropolitan areas. The complete ...Specify the critical value(s) for the following tests of the population proportion. The analysis is conducted at a 5% level of significance.a. H0: p ≤ 0.22; HA: p > 0.22b. H0: p = 0.69; HA: p ≠ 0.69c. H0: p ≥ 0.56; HA: ...A movie production company is releasing a movie with the hopes of many viewers returning to see the movie in the theater for a second time. Their target is to have 30 million viewers, and they want more than 30% of the ...An advertisement for a popular weight loss clinic suggests that participants in its new diet program lose, on average, more than 10 pounds. A consumer activist decides to test the authenticity of the claim. She follows the ...
Post your question