sample of 42 observations is selected from a normal population. The sample mean is 41, and the population standard deviation is 4. Conduct the following test of hypothesis using the 0.05 significance level. H0: μ = 43 H1: μ ≠ 43 Is this a one- or two-tailed test? multiple choice 1 One-tailed test Two-tailed test What is the decision rule? multiple choice 2 Reject H0 if −1.960 < z < 1.960 Reject H0 if z < −1.960 or z > 1.960 What is the value of the test statistic? (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.)
sample of 42 observations is selected from a normal population. The sample mean is 41, and the population standard deviation is 4. Conduct the following test of hypothesis using the 0.05 significance level. H0: μ = 43 H1: μ ≠ 43 Is this a one- or two-tailed test? multiple choice 1 One-tailed test Two-tailed test What is the decision rule? multiple choice 2 Reject H0 if −1.960 < z < 1.960 Reject H0 if z < −1.960 or z > 1.960 What is the value of the test statistic? (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A sample of 42 observations is selected from a normal population. The sample mean is 41, and the population standard deviation is 4. Conduct the following test of hypothesis using the 0.05 significance level.
H0: μ = 43
H1: μ ≠ 43
- Is this a one- or two-tailed test?
multiple choice 1
-
One-tailed test
-
Two-tailed test
- What is the decision rule?
multiple choice 2
-
Reject H0 if −1.960 < z < 1.960
-
Reject H0 if z < −1.960 or z > 1.960
- What is the value of the test statistic? (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.)
- What is your decision regarding H0?
multiple choice 3
-
Fail to reject H0
-
Reject H0
- e-1. What is the p-value? (Round your z value to 2 decimal places and final answer to 4 decimal places.)
- e-2. Interpret the p-value? (Round your z value to 2 decimal places and final answer to 2 decimal places.)
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