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

question 32

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 SAMPLES SELECTED FROM RETURN
industry 1 (low tech) $\quad ($ NUMBER $= 15$ )
industry $3 \quad$ (consumer products) $\quad$ (NUMBER $= 15 )$
$$\begin{array} { l } X = \text { industry1 } \\Y = \text { industry } 3\end{array}$$
$$\begin{array}{l}\text {SAMPLE MEAN OF X \( =157.286 \) }\\\text {SAMPLE VARIANCE OF \( X=1563.45 \) }\\\text {SAMPLE SIZE OF \( X=14 \) }\\\text {SAMPLE MEAN OF \( Y=217.583 \) }\\\text {SAMPLE VARIANCE OF \( Y=1601.54 \) }\\\text {SAMPLE SIZE OF \( Y=12 \) }\\\\\text { MEAN X - MEAN Y }=-60.2976 \\t=-4.23468 \\\text { P-VALUE }=0.000290753 \\\text { P-VALUE } / 2=0.000145377 \\\text { SD. } \text { ERROR }=14.239 \\\end{array}$$ 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 II error
• B) Type I error
• C) Type III error
• D) correct decision

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Definitions:

Worth

The usefulness or significance of something, assessed in terms of its qualities or by how much it can contribute to a specified goal.

Volunteer Activities

Unpaid tasks or services conducted by individuals or groups, often aimed at benefiting the community or a charitable cause.

Corporation For National And Community Service

A federal agency that supports volunteer service and service-learning programs across the United States, aiming to improve lives and communities.

Increased Slightly

An expression that describes a minor or modest rise in a particular metric or quantity.