Statisticians Can Translate P-Values into Several Descriptive Terms

question 113

Multiple Choice

Statisticians can translate p-values into several descriptive terms.Suppose you typically reject H₀ at level 0.05.Which of the following statements is correct?

• A)If the p-value < 0.001,there is overwhelming evidence to infer that the alternative hypothesis is true.
• B)If 0.01 < p-value < 0.05,there is evidence to infer that the alternative hypothesis is true.
• C)If p-value > 0.10,there is no evidence to infer that the alternative hypothesis is true.
• D)All of these choices are true.

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Definitions:

Replacement Cost

The cost to replace an asset or item at current market prices, without deduction for depreciation.

Periodic Inventory System

An inventory accounting system where the inventory balance is updated at the end of the accounting period through a physical count.

Beginning Inventory

The value of the stock of goods a company has available for sale at the start of an accounting period.

Merchandise Purchases

The total cost of goods bought for resale during an accounting period. This includes both cash and credit purchases.