Using a 5% Level of Significance and a Sample Size

question 2

Multiple Choice

Using a 5% level of significance and a sample size of 25,what is the critical t-value for a null hypothesis,H₀: µ ≤ 100?

• A)1.708
• B)1.711
• C)2.060
• D)2.064

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Definitions:

Excise Tax

A tax imposed on specific goods and services, such as gasoline, cigarettes, and alcohol.

Upsloping

Describes a line or curve on a graph that moves upward as it progresses from left to right, often used to depict positive relationships between variables.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to offer for sale, holding all else constant.

Highly Inelastic

Describes a situation where demand or supply shows little to no response to changes in price, often due to the lack of close substitutes.