Question: Based on the average predictions of 47 members of the
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%.
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