TABLE 10-5 To Test the Effectiveness of a Business School Preparation Course

question 6

Essay

TABLE 10-5
To test the effectiveness of a business school preparation course, 8 students took a general business test before and after the course. The results are given below.
Exam Score Exam Score
Student Before Course (1) After Course (2)
1 530 670
2 690 770
3 910 1,000
4 700 710
5 450 550
6 820 870
7 820 770
8 630 610
-Referring to Table 10-5, the p-value of the test statistic is ________.

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Definitions:

Invisible Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of their own interest leads to economic benefits for society as a whole.

Public Good

A public good is a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Socialism

An economic system in which the government owns most of the productive resources except labor; it usually involves the redistribution of income.

Private Ownership

The ownership of property and businesses by individuals or corporations rather than by the government or the public as a whole.