At a 5% significance level, can we conclude that the mean forecast GDP of all NABE members is greater than 3%.

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%. (You may find It useful to reference the appropriate table: z table or t table) a. Select the null and the alternative hypotheses. O HO: M= 3; HAM # 3 O HO: M 3 OHO: M 23; HAM