A Recent Report Claimed That Americans Are Retiring Later in Life

question 17

Multiple Choice

A recent report claimed that Americans are retiring later in life (U.S. News & World Report, August 17) . An economist wishes to determine if the mean retirement age has increased from 62. To conduct the relevant test, she takes a random sample of 38 Americans who have recently retired and computes the value of the test statistic as t₃₇ = 1.92. With α = 0.05, she ________.

• A) rejects the null hypothesis and concludes that the mean retirement age has increased
• B) rejects the null hypothesis and concludes that the mean retirement age has not increased
• C) does not reject the null hypothesis and does not conclude that the mean retirement age has changed
• D) does not reject the null hypothesis and does not conclude that the mean retirement age has increased

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Definitions:

Unemployment

A macroeconomic condition where individuals who are willing and able to work are unable to find employment.

Cost Adjustment

The process of modifying an organization's cost structure through various strategies such as reducing expenses, improving efficiency, or restructuring operations.

Reduced Work Week

An employment arrangement that decreases the number of hours worked per week, often to improve work-life balance or increase productivity.

Voluntary Sabbaticals

A period of leave granted to employees, which is not mandated but chosen freely, often for personal or professional development purposes.