Do Men Really Spend More Money on St

question 97

Multiple Choice

Do men really spend more money on St. Patrick's Day as compared to women? A recent survey found that men spend an average of $43.87 while women spend an average of $29.54. Assume that these data were based on a sample of 100 men and 100 women and the population standard deviations of spending for men and women are $32 and $25, respectively. Using 1% confidence level, which of the following is the correct conclusion for this test?

• A) Reject H₀: µ₁ − µ₂ ≤ 0 and therefore do not conclude that on average men spend more money than women on St. Patrick's Day.
• B) Do not reject H₀: µ₁ − µ₂ ≤ 0 and therefore conclude that on average men spend more money than women on St. Patrick's Day.
• C) Reject H₀: µ₁ − µ₂ ≤ 0 and therefore conclude that on average men spend more money than women on St. Patrick's Day.
• D) Do not reject H₀: µ₁ − µ₂ ≤ 0 and therefore do not conclude that on average men spend more money than women on St. Patrick's Day.

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Definitions:

Shares

Units of ownership in a corporation or financial asset, representing a portion of the company and conferring certain rights and liabilities to the shareholder.

Partnership

A legal arrangement where two or more individuals engage in business together, sharing profits, liabilities, and decision-making.

Close Corporations

Businesses characterized by a small number of shareholders, no public shares, and often more relaxed corporate governance standards.

Flexibility

The quality of being adaptable or variable in order to accommodate different circumstances or needs.