According to the National Association of Colleges and Employers, finance graduates make an average of (Âµ) $52,402 a year. The standard deviation of annual salaries of finance graduates is (Ïƒ) $7,000. A random sample of 100 accounting graduates show that the sample mean salary is $54,390.

If we were to increase the sample size (n) from 100 to 144, the z score will:
Question 1 options:
A) stay the same.
B) increase.
C) be zero.
D) decrease.

2) Using a random sample of n = 49, the sample mean is 199.5. Suppose that the population standard deviation is Ïƒ = 14. The null and alternative hypotheses are below. Calculate the p value.
Ho: Î¼ â‰¤ 195
Ha: Î¼ > 195
Question 2 options:
A) 0.122
B) 0.0122
C) 12.22
D) 1.220

3) Using a random sample of n = 36, the sample mean is 13.5. Suppose that the population standard deviation is Ïƒ = 3. The null and alternative hypotheses are below. Calculate the p value.
ð»o: Î¼ = 15
ð»ð‘Ž: Î¼ â‰ 15
Question 3 options:
A) 0
B) 0.0122
C) 0.122
D) 1.220

4) A research analyst believes that average back-to-school spending is more than a trade groupâ€™s prediction of $500. Specify the null and alternative hypothesis.
Question 4 options:
A) Ho: Î¼â‰¥500 versus Ha: Î¼<500
B) Ho: Î¼=500 versus Ha: Î¼â‰ 500
C) Ho: Î¼â‰¤500 versus Ha: Î¼>500

5) We want to test whether the mean retirement savings of families between the ages of 56 and 61 is $163,577. State the null and alternative hypothesis.
Question 5 options:
A) Ho: Î¼ â‰¤ 163,577 versus Ha: Î¼ >163,577
B) Ho: Âµâ‰¥163,577 versus Ha: Âµ<163,577
C) Ho: Î¼ = 163,577 versus Ha: Î¼ â‰ 163,577

6) Using a random sample of n = 50, the sample mean is = 13.5. Suppose that the population standard deviation is Ïƒ=2.5.
Is the above statistical evidence sufficient to make the following claim Î¼ â‰ 15:
ð»o: Î¼=15
ð»ð‘Ž: Î¼ â‰ 15
Î± = 0.05.
p value = 0
Interpret the results using the p value test.
Question 6 options:
A) Reject Ho.
B) Do not reject Ho.

7) We want to test if the average patient wait time before being seen by a doctor is less than 20 minutes. The null and alternative hypotheses are:
Question 7 options:
A) Ho: Î¼â‰¤20 versus Ha: Î¼>20
B) Ho: Î¼â‰¥20 versus Ha: Î¼<20
C) Ho: Î¼=20 versus Ha: Î¼â‰ 20

8) When do we worry about the possibility of committing a type II error?
Question 8 options:
A) When our conclusion is not to reject a false ð»o
B) When it is not a type III error
C) When we have exhausted all type I errors
D) When our conclusion is to reject a true ð»o

9) A medical trial is conducted to test whether a new medicine lowers blood pressure by 15%. State the null and alternative hypotheses.
Question 9 options:
A) Ho: pâ‰¤0.15 versus Ha: p>0.15
B) Ho: p=0.15 versus Ha: pâ‰ 0.15
C) Ho: pâ‰¥0.15 versus Ha: p<0.15

10) Which one of the following cannot represent an alternative hypothesis?
Question 10 options:
A) p = 0.5
B) p â‰ 0.95
C) p < 0.35
D) p > 0.1

According to the National Association of Colleges and Employers, fi...