A Survey Was Recently Conducted to Determine If Consumers Spend

question 2

Essay

A survey was recently conducted to determine if consumers spend more on computer-related purchases via the Internet or store visits. Assume a random sample of eight respondents provided the following data on their computer-related purchases during a 30-day period. Using a .05 level of significance, can we conclude that consumers spend more on computer-related purchases by way of the Internet than by visiting stores?
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​ $$\begin{array}{l}\begin{array} { c c c } &\text { Expenditures (dollars) }\\\text { Respondent } & \text { In-Store } & \text { Internet } \\1 & 132 & 225 \\2 & 90 & 24 \\3 & 119 & 95 \\4 & 16 & 55 \\5 & 85 & 13 \\6 & 248 & 105 \\7 & 64 & 57 \\8 & 49 & 0\end{array}\end{array}$$ ​
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Definitions:

Trading Partner

A country or organization which engages in international trade with another entity, typically exchanging goods, services, or information.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its trading partners, forming the basis of international trade.

Exporting Nation

A country that sells goods and services to other countries, resulting in a net inflow of funds from international trade.