Select the null and the alternative hypotheses. multiple choice 1 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 intermediate calculations to at least 4 decimal places and final answer to 3 decimal places.)
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.
multiple choice 1
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H0: μ = 3; HA: μ ≠ 3
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H0: μ ≤ 3; HA: μ > 3
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H0: μ ≥ 3; HA: μ < 3
b. Calculate the value of test statistic. (Round intermediate calculations to at least 4 decimal places and final answer to 3 decimal places.)
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