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SCENARIO 9-9
The president of a university claimed that the entering class this year appeared to be larger than the entering class from previous years but their mean SAT score is lower than previous years.He took a sample of 20 of this year's entering students and found that their mean SAT score is 1,501 with a standard deviation of 53.The university's record indicates that the mean SAT score for entering students from previous years is 1,520.He wants to find out if his claim is supported by the evidence at a 5% level of significance.
-Referring to Scenario 9-9,which of the following best describes the Type I error?
Risk Consideration
The process of identifying, assessing, and prioritizing uncertainties in investment decisions or business operations.
Shares Outstanding
The total number of shares of a corporation that are currently owned by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company’s insiders.
Price Per Share
The current market value of a single share of a company’s stock.
Total Market Value
The aggregate valuation of a company, asset, or investment determined by multiplying the current market price by the total outstanding shares.
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