Charlie's Teacher Claims That He Does Not Study and Just

question 111

Essay

Charlie's teacher claims that he does not study and just guesses on exams. On an exam with 201 true-false
questions, Charlie answered 53.7% of the questions correctly. Calculations using these results show that if he
were really just guessing, there would be roughly 1 chance in 7 that he would do this well. Is there statistically
significant evidence against the teacher's claim that Charlie is just guessing? Why or why not?

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Definitions:

Marginal Utility

The additional satisfaction or utility that a consumer derives from consuming one more unit of a good or service.

Income

Money that an individual or business receives in exchange for providing a good or service or through investing capital.

Utils Per Dollar

An economic concept used to measure the amount of utility or satisfaction a consumer receives per dollar spent.

Fair Insurance Policy

An insurance contract that is equitable, offering reasonable terms and conditions to all parties involved.