Mathematics

Lilly Guerra

24 September, 12:02

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%.

a. select the null and the alternative hypotheses. h0: μ = 3; ha: μ ≠ 3 h0: μ ≤ 3; ha: μ > 3 h0: μ ≥ 3; ha: μ < 3

b. calculate the value of test statistic. (round your answer to 2 decimal places.) test statistic

c. approximate the p-value. p-value < 0.01 0.01 ≤ p-value < 0.025 0.025 ≤ p-value < 0.05 0.05 ≤ p-value < 0.10 p-value ≥ 0.10

d. at the 5% significance level, can we conclude that the mean forecast gdp of all nabe members is greater than 3%? yes, since we reject h0. yes, since we do not reject h0. no, since we reject h0. no, since we do not reject h0.