I the fiFth and fiNal Step in Testing a Hypothesis

question 49

Multiple Choice

i. The fifth and final step in testing a hypothesis is taking a sample and, based on the decision rule,
Deciding if the null hypothesis should be rejected.
ii. When the null hypothesis is not rejected, the conclusion is that our sample data does not allow us
To reject the null hypothesis.
iii. The level of significance is selected after setting up a decision rule and sampling the population.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (i) and (ii) are correct statements but not (iii).
• E) (i), (ii), and (iii) are all false statements.

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Definitions:

Domestic Industries

Industries that produce goods and services within a particular country, focusing on the local market.

Foreign Supply

The availability of goods or services from international markets offered for sale in a domestic market.

Tariffs

Tariffs are taxes imposed by a government on imported goods, often used to protect domestic industries from foreign competition.

Domestic Consumers

People or families within a nation who buy products and services for their own consumption.