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LSAT Scores
The Admissions officer for the graduate programs at the University of Pennsylvania believes that the average score on the LSAT exam at his university is significantly higher than the national average of 1,300.An accepted standard deviation for LSAT scores is 125.A random sample of 25 scores had an average of 1,375.
-{LSAT Scores Narrative} Calculate the value of the test statistic and set up the rejection region at the 0.025 level.What is your conclusion?
Legal Tender
Any form of currency that by law must be accepted by creditors (lenders) for the settlement of a financial debt; a nation’s official currency is legal tender within its own borders.
Political Candidates
Individuals who run for office in governmental elections, seeking to hold a position within a government body.
Consumer Sovereignty
The theory that consumer preferences determine the production of goods and services, making consumers the driving force of the economy.
Fundamental Economic Question
The basic inquiries regarding how a society decides on the allocation of scarce resources to satisfy unlimited wants.
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