A Local Retail Business Wishes to Determine If There Is

question 53

Multiple Choice

A local retail business wishes to determine if there is a difference in preferred indoor temperature
Between men and women. A random sample of data is collected, with the following results:
What is the decision at the 5% level of significance?

• A) Since the p-value is large at 0.4752, we fail to reject the null hypothesis and conclude that there is no significant difference in the preferred room temperatures between the sexes.
• B) Since the p-value is small at 0.4752, we reject the null hypothesis and conclude that there is a significant difference in the preferred room temperatures between the sexes.
• C) Since the calculated t-value is more than the critical t-value, we reject the null hypothesis and conclude that there is a significant difference in the preferred room temperatures Between the sexes.
• D) Since the calculated t-value is more than the critical t-value, we fail to reject the null hypothesis and conclude that there is a significant difference in the preferred room Temperatures between the sexes.
• E) There is insufficient information to make a decision. Multiple Choice Difficulty: Medium Learning

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Definitions:

Personal Savings Rate

The percentage of personal disposable income that is saved by households rather than spent on consumption.

Current Account Deficit

A current account deficit occurs when a country's total imports of goods, services, and transfers are greater than its total exports, indicating it is spending more on foreign trade than it is earning.

Gold Standard

A monetary system in which a country's currency or paper money has a value directly linked to gold.

Balance Of Trade

The difference between the value of a country's exports and the value of its imports. A positive balance indicates a surplus, while a negative balance indicates a deficit.