A Random Sample of 20 Observations Showed a Standard Deviation

question 3

Essay

A random sample of 20 observations showed a standard deviation of 8. At a 5% level of significance, test to see if the variance of the population is significantly less than 65.

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Definitions:

GATT

The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement aimed at reducing global trade barriers and promoting international trade through the reduction of tariffs and other trade restrictions.

European Union

A political and economic union of 27 European countries that participate in a single market allowing free movement of goods, services, and people.

Trade Barriers

Trade Barriers are government-imposed policies or regulations that restrict international trade, often to protect domestic industries from foreign competition.

Foreign Competition

The presence of competitors from other countries in a domestic market.