Question

Based on the average predictions of 39 economists, the U.S. gross domestic product (GDP) will expand by 3% this year. Suppose the sample standard deviation of their predictions was 4%. At the 5% significance level, test if the mean forecast GDP of all economists is more than 2%. Please follow the steps in a-d and show all your work. a. State the null and alternative hypotheses. b. Calculate the value of the test statistic. (Round final answer to 4 decimal places) c. Find the p-value d. At the 5% significance level, can we conclude that the mean forecast GDP of all economists is more than 2%? Explain

          Based on the average predictions of 39 economists, the U.S.
gross domestic product (GDP) will expand by 3% this year. Suppose
the sample standard deviation of their predictions was 4%. At the
5% significance level, test if the mean forecast GDP of all
economists is more than 2%. Please follow the steps in a-d and show
all your work. a. State the null and alternative hypotheses. b.
Calculate the value of the test statistic. (Round final answer to 4
decimal places) c. Find the p-value d. At the 5% significance
level, can we conclude that the mean forecast GDP of all economists
is more than 2%? Explain

Added by Rebecca G.

Question

Please give Ace some feedback