The economic dynamism, which is the index of productive growth (in dollars) for countries that are designated by the World Bank as middle-income are in following table ("SOCR data 2008," 2013). Table: Economic Dynamism of Middle Income Countries 25.8057 37.4511 51.915 43.6952 47.8506 43.7178 58.0767 41.1648 38.0793 37.7251 39.6553 42.0265 48.6159 43.8555 49.1361 61.9281 41.9543 44.9346 46.0521 48.3652 43.6252 50.9866 59.1724 39.6282 33.6074 21.6643 Countries that are considered high-income have a mean economic dynamism of 60.29. Do the data show that the mean economic dynamism of middle-income countries is less than the mean for high-income countries? Test at the 5% level.
The economic dynamism, which is the index of productive growth (in dollars) for countries that are designated by the World Bank as middle-income are in following table ("SOCR data 2008," 2013).
Table: Economic Dynamism of Middle Income Countries
|
25.8057 |
37.4511 |
51.915 |
43.6952 |
47.8506 |
43.7178 |
58.0767 |
|
41.1648 |
38.0793 |
37.7251 |
39.6553 |
42.0265 |
48.6159 |
43.8555 |
|
49.1361 |
61.9281 |
41.9543 |
44.9346 |
46.0521 |
48.3652 |
43.6252 |
|
50.9866 |
59.1724 |
39.6282 |
33.6074 |
21.6643 |
|
|
Countries that are considered high-income have a
(vii) Calculate and enter test statistic
Enter value in decimal form rounded to nearest ten-thousandth, with appropriate sign (no spaces). Examples of correctly entered answers:
–2.0140 –0.0307 +0.6000 +1.0009
(viii) Using tables, calculator, or spreadsheet: Determine and enter p-value corresponding to test statistic.
Enter value in decimal form rounded to nearest thousandth. Examples of correctly entered answers:
0.000 0.001 0.030 0.600 0.814 1.000
(ix) Comparing p-value and α value, which is the correct decision to make for this hypothesis test?
A. Reject Ho
B. Fail to reject Ho
C. Accept Ho
D. Accept HA
Enter letter corresponding to correct answer.
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