For a sample of 35 items from a population for which the standard deviation is 20.5, the sample mean is 458. At the 0.05 level of significance, test H0: µ = 450 verses H1: µ ≠ 450. What is the calculated value of test statistic? (Specify your answer to the 2nd decimal.)

Value of test statistics = 2.30

Step-by-step explanation:

We are given that for a sample of 35 items from a population for which the standard deviation is 20.5, the sample mean is 458.

Also, Null Hypothesis, : = 450

Alternate Hypothesis, : 450

The test statistics that will be used here is One sample t-test statistics;

              T.S. = ~

where, = sample mean = 458

             s = sample standard deviation = 20.5

            n = sample of items = 35

So, test statistics = ~

                            = 2.30

Therefore, the value of test statistics is 2.30 .

according to this law, when unemployment goes up by 1%, gdp drops by 2%. in the question, unemployment rate goes from 2% to 5%, meaning unemployment goes up by 3%, so the gdp drops by 6%. thus the effect is a drop in gdp by 6%.

step-by-step explanation: