Answer Happy

Based on the average predictions of 45 economists, the U.S. gross domestic product (GDP) will expand by 2.8% this year. Suppose the sample standard deviation of their predictions was 1%. At the 5% significance level, test if the mean forecast GDP of all economists is less than 3% (You may find it useful to reference the appropriate table: z table or f table) a. Select the null and the alternative hypotheses. Ho: = 3; HA: 3 Ho: ≤3; HA: >3 Ο Hg: μ 2 3; Ηλμ <3 b. Calculate the value of test statistic. (Round final answer to 3 decimal places.) Test statistic c. Find the p-value. p-value s 0.01 0.01 < p-values 0.025 0.025 p-value ≤ 0.05
c. Find the p-value. O p-value ≤ 0.01 O 0.01 < p-value ≤ 0.025 0.025 <p-value < 0.05 0.05 < p-value ≤ 0.10 O p-value >0.10 d. At a 5% significance level, can we conclude that the mean forecast of all economists is less than 3%? O Yes, since we reject Ho- Yes, since we do not reject Ho. O No, since we reject Ho. O No, since we do not reject Ho