In Testing the Hypotheses H₀ $\mu$ = 800 VsH₁ $\mu$ $\neq$ 800,if the Value of the Test Statistic Equals 1

question 47

Multiple Choice

In testing the hypotheses H₀: $\mu$ = 800 vs.H₁: $\mu$ $\neq$ 800,if the value of the test statistic equals 1.75,then the p-value is:

• A) 0.0401
• B) 0.0802
• C) 0.4599
• D) 0.9599

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Definitions:

Inflation Rate

The increase percentage in the overall level of prices for goods and services in a country's economy over a period of time.

CPI

This index tracks the overall price changes of a mix of consumer products and services like healthcare, transportation, and food by calculating their weighted average price.

Inflation Rate

A measure reflecting how much prices of goods and services have increased in a given period, reducing the purchasing power of money.

Market Basket

A set combination of goods and services used as a consistent measure to track the cost of living and inflation through price changes over time.