The Cost of a College Education Has Increased at a Much

question 122

Multiple Choice

The cost of a college education has increased at a much faster rate than costs in general over the past twenty years. In order to compensate for this, many students work part- or full-time in addition to attending classes. At one university, it is believed that the average hours students work per week exceeds 20. To test this at a significance level of 0.05, a random sample of n = 20 students was selected and the following values were observed: Based on these sample data, which of the following statements is true?

• A) The standard error of the sampling distribution is approximately 3.04.
• B) The test statistic is approximately t = 0.13.
• C) The research hypothesis that the mean hours worked exceeds 20 is not supported by these sample data.
• D) All of the above are true.

Determine the rejection or acceptance of null hypotheses based on p-values and significance levels.

Calculate and interpret Cramér's V as a measure of association between categorical variables.

Understand the importance of reporting critical values in hypothesis testing.

Apply formulas for calculating chi-square statistics, expected frequencies, and Cramér's V in practical situations.

---

Definitions:

Interest Rate

The percentage of a loan charged as cost to the borrower for the use of the money.

Capital Projects

Long-term investments made by companies or governments to create, improve, or maintain physical assets.

Interest Rate

The percentage charged by a lender to a borrower for the use of assets, typically expressed as an annual percentage of the principal.

Present Value

The present value of a future amount of money or a series of cash flows, calculated using a predetermined rate of return.