A Grocery Store Owner Claims That the Mean Amount Spent $H _ { 0 } : \mu = 74 \text { versus } H _ { 1 } : \mu > 74$

question 54

Multiple Choice

A grocery store owner claims that the mean amount spent per checkout is more than $74. A test is made of $H _ { 0 } : \mu = 74 \text { versus } H _ { 1 } : \mu > 74$ . The null hypothesis is rejected. State the appropriate
Conclusion.

• A) The mean checkout amount is greater than $74.
• B) There is not enough evidence to conclude that the mean checkout price is greater than $74.
• C) The mean checkout amount is less than or equal to $74.
• D) There is not enough evidence to conclude that the mean checkout price is less than or equal to $74.

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Definitions:

Downward Trend

Describes a situation where there is a consistent decline in the value or level of a financial instrument, market index, or economic performance over time.

Discouraged Workers

Individuals not looking for work because they believe no jobs are available for them.

Officially Unemployed

Officially unemployed refers to individuals who are without a job, actively seeking work, and currently available to take up employment.

Fully Employed Economy

A situation where all available labor resources are being used in the most economically efficient way, with minimal unemployment.