Based on the average predictions of 50 economists, the U. S. gross domestic product (GDP) will expand by 2.5% this year. Suppose the sample standard deviation of their predictions was 2%. At the 10% significance level, test if the mean forecast GDP of all economists is less than 3%. a. Select the null and the alternative hypotheses.

multiple choice 1
H0: μ = 3; HA: μ ≠ 3
H0: μ ≤ 3; HA: μ > 3
H0: μ ≥ 3; HA: μ < 3

b. Calculate the value of test statistic. (Round final answer to 4 decimal places.)

c. Find the p-value.

multiple choice 2
p-value 0.10
p-value < 0.01
0.01 p-value < 0.025
0.025 p-value < 0.05
0.05 p-value < 0.10

d. At the 10% significance level, can we conclude that the mean forecast GDP of all economists is less than 3%?

multiple choice 3
No, since we do not reject H0.
No, since we reject H0.
Yes, since we do not reject H0.
Yes, since we reject H0.

rev: 10_13_2020_QC_CS-234700, 11_27_2020_Q