A Fast Food Chain Operation Is Interested in Determining Whether

question 110

Multiple Choice

A fast food chain operation is interested in determining whether the mean per customer purchase differs by day of the week.To test this,it has selected random samples of customers for each day of the week.The analysts then ran a one-way analysis of variance generating the following output: ANOVA: Single Factor Based upon this output,which of the following statements is true if the test is conducted at the 0.05 level of significance?

• A)There is no basis for concluding that mean sales is different for the different days of the week.
• B)Based on the p-value,the null hypothesis should be rejected since the p-value exceeds the alpha level.
• C)The experiment is conducted as an unbalanced design.
• D)Based on the critical value,the null should be rejected.

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Definitions:

Exchange Rate

The equivalent value of one currency in another currency.

Open-Economy Macroeconomic Model

A model that analyzes an economy that is engaged in international trade, focusing on the interactions with the rest of the world.

Trade Balance

The difference in value between a country's imports and exports over a given period.

Exchange Rate

The value of one currency for the purpose of conversion to another, affecting how much of one currency can be exchanged for another.