Data Was Collected from CEOs of Companies Within Both the Low-Tech

question 47

Multiple Choice

Data was collected from CEOs of companies within both the low-tech industry and the consumer products industry. The following printout compares the mean return-to-pay ratios between CEOs in the low tech industry with CEOs in the consumer products industry.

HYPOTHESIS: MEAN X = MEAN $Y$
$\begin{array}{l}\text { SAMPLES SELECTED FROM RETURN }\\\begin{array}{lll}\text { industry } 1 & \text { (low tech) } & \text { (NUMBER }=15 \text { ) } \\\text { industry } 3 & \text { (consumer products) } & \text { (NUMBER }=15) \end{array}\end{array}$

$X =$ industry1
$\mathrm { Y } =$ industry3
SAMPLE MEAN OF $X = 157.286$
SAMPLE VARIANCE OF $X = 1563.45$
SAMPLE SIZE OF $X = 14$
SAMPLE MEAN OF $\mathrm { Y } = 217.583$
SAMPLE VARIANCE OF $Y = 1601.54$
SAMPLE SIZE OF $\mathrm { Y } = 12$

MEAN X - MEAN Y $= - 60.2976$
$t = - 4.23468$
$\mathrm { P } - \mathrm { VALUE } = \quad 0.000290753$
$\mathrm { P } - \mathrm { VALUE } / 2 = 0.000145377$
SD. ERROR $= 14.239$

If we conclude that the mean return-to-pay ratios of the consumer products and low tech CEOs are
Equal when, in fact, a difference really does exist between the means, we would be making a__________.

• A) Type I error
• B) correct decision
• C) Type II error
• D) Type III error

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Definitions:

Population

The total number of inhabitants within a specific area or group, often studied in the contexts of sociology and ecology.

Correlation Coefficients

Correlation coefficients are statistical measures that describe the extent to which two variables change together, indicating the strength and direction of a relationship.

Predictability

The extent to which future events or outcomes are known or can be forecasted, often based on analysis of available data or patterns.

Variable

Any factor, trait, or condition that can exist in differing amounts or types and can influence the outcome of scientific research or experiments.