A Researcher Is Interested in Testing to Determine If the Mean

question 26

Multiple Choice

A researcher is interested in testing to determine if the mean price of a casual lunch is different in the city than it is in the suburbs.The null hypothesis is that there is no difference in the population means (i.e.the difference is zero) .The alternative hypothesis is that there is a difference (i.e.the difference is not equal to zero) .He randomly selects a sample of 9 lunch tickets from the city population resulting in a mean of $14.30 and a standard deviation of $3.40.He randomly selects a sample of 14 lunch tickets from the suburban population resulting in a mean of $11.80 and a standard deviation $2.90.He is using an alpha value of .10 to conduct this test.Assuming that the populations are normally distributed, the critical t value from the table is _______.

• A)1.323
• B)1.721
• C)1.717 This is the value for 22 df (a wrong answer, but a detractor and corrected).
• D)1.321
• E)2.321

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Definitions:

Capital

The financial resources that businesses use to fund their operations and growth.

Closing Process

The final steps in the accounting cycle used to update the financial records for the period's revenues, expenses, and dividends to prepare for the next accounting period.

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, illustrating the company's profit or loss.

Income Summary Account

A temporary account used in closing process to transfer the balances of all revenue and expense accounts to Retained Earnings.