Last School Year, the Student Body of a Local University $$\begin{array} { l l } \text { Freshmen } & 83 \\\text { Sophomores } & 68 \\\text { Juniors } & 85 \\\text { Seniors } & 64\end{array}$$

question 22

Multiple Choice

Last school year, the student body of a local university consisted of 30% freshmen, 24% sophomores, 26% juniors, and 20% seniors.A sample of 300 students taken from this year's student body showed the following number of students in each classification. $$\begin{array} { l l } \text { Freshmen } & 83 \\\text { Sophomores } & 68 \\\text { Juniors } & 85 \\\text { Seniors } & 64\end{array}$$ We are interested in determining whether or not there has been a significant change in the classifications between the last school year and this school year.The calculated value for the test statistic equals

• A) .54.
• B) .65.
• C) 1.66.
• D) 6.66.

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Definitions:

Gross Domestic Product

The total market value of all final goods and services produced within a country in a given period of time, typically annually.

Inventories

Raw materials, work-in-progress goods, and completely finished products that companies hold to facilitate business operations.

Intermediate Goods

Products that are used as inputs in the production of other goods or services rather than being bought by consumers.

Final Output

The total value of all goods and services produced and sold for final use in the economy, avoiding duplication by excluding intermediate goods.