Identify the Null Hypothesis, Alternative Hypothesis, Test Statistic, P-Value, Conclusion

question 32

Essay

Identify the null hypothesis, alternative hypothesis, test statistic, P-value, conclusion about the null hypothesis, and final conclusion that addresses the original claim.
-A supplier of 3.5" disks claims that no more than 1% of the disks are defective. In a random sample of 600 disks, it is found that 3% are defective, but the supplier claims that this is only a sample fluctuation. At the 0.01 level of significance, test the supplier's claim that no more than 1% are defective.

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Definitions:

Excess Reserves

The reserves held by banks that are greater than the minimum amounts required by regulators, which can be lent out or invested.

Checkable Deposits

Bank account balances that can be withdrawn on demand using checks or electronic methods.

Money Supply

Refers to the total amount of money available in an economy at a particular point in time, including cash and deposits.

Fed

The central banking system in the United States, known as the Federal Reserve System, is in charge of managing the country's monetary policy.