Last School Year, the Student Body of a Local University

question 28

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 400 students taken from this year's student body showed the following number of students in each classification. ​ 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.At a .01 level of significance, the null hypothesis

• A) should not be rejected.
• B) should be rejected.
• C) was designed wrong.
• D) cannot be tested.

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Definitions:

Central Planning

An economic system where decisions about production, investment, and distribution are made by the government or a central authority.

Consumer Sovereignty

The concept that consumers' preferences determine the production of goods and services, guiding the allocation of resources in a market.

Monarchy

A form of government where a single person, the monarch, rules until death or abdication, with the position often inherited.

Profits

The financial gain realized when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.