A Wine Magazine Wants to Know If Chefs Can Tell

question 72

Multiple Choice

A wine magazine wants to know if chefs can tell the difference between duck liver pâté and wet dog food.Eighteen chefs were asked to rate both the pâté and dog food on a scale from 1 to 5,with 1 corresponding to "inedible" and 5 to "very tasty." The results are shown in the following table. Assuming has the standard normal distribution,the p-value for the test is _________________.

• A) less than 0.01
• B) between 0.01 and 0.05
• C) between 0.05 and 0.10
• D) greater than 0.10

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Definitions:

LIFO Reserve

The difference between the cost of inventory calculated using the Last In, First Out method and the First In, First Out method.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the business's operating cycle.

LIFO

Last In, First Out, an inventory valuation method that assumes the most recently acquired items are sold first, affecting accounting and tax calculations.

FIFO

"First In, First Out," an inventory valuation method where goods first acquired are the first to be sold.