A Grocery Store Owner Claims That the Mean Amount Spent $\$ 73$

question 25

Multiple Choice

A grocery store owner claims that the mean amount spent per checkout is more than $\$ 73$ . A test is made of $H _ { 0 } : \mu = 73$ versus $H _ { 1 } : \mu > 73$ . The null hypothesis is not rejected. State the appropriate conclusion.

• A) The mean checkout amount is greater than $73.
• B) The mean checkout amount is less than or equal to $73.
• C) There is not enough evidence to conclude that the mean checkout price is less than or equal to $73.
• D) There is not enough evidence to conclude that the mean checkout price is greater than $73.

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Definitions:

MPC

The marginal propensity to consume, which represents the proportion of an increase in income that gets spent on consumption.

Government Spending

Expenditures by government entities on goods and services, including infrastructure, public services, and social welfare programs.

GDP

Totaling the market value of all final goods and services produced inside a country within a set period results in the Gross Domestic Product.

Inflations

The speed at which the overall price level of goods and services increases, leading to a decrease in buying power.