Q13. A survey is taken to determine whether the average starting salaries of CFA charterholders is equal to or greater than $58,500 per year. What is the test statistic given a sample of 175 newly acquired CFA charterholders with a mean starting salary of $67,000 and a standard deviation of $5,200? A) 21.62. B) -1.63. C) 1.63.
Q14. A survey is taken to determine whether the average starting salaries of CFA charterholders is equal to or greater than $54,000 per year. Assuming a normal distribution, what is the test statistic given a sample of 75 newly acquired CFA charterholders with a mean starting salary of $57,000 and a standard deviation of $1,300? A) 2.31. B) -19.99. C) 19.99.
Q15. A survey is taken to determine whether the average starting salaries of CFA charterholders is equal to or greater than $57,000 per year. Assuming a normal distribution, what is the test statistic given a sample of 115 newly acquired CFA charterholders with a mean starting salary of $65,000 and a standard deviation of $4,500? A) 19.06. B) -19.06. C) 1.78.
Q16. If a two-tailed hypothesis test has a 5% probability of rejecting the null hypothesis when the null is true, it is most likely that the: A) probability of a Type I error is 2.5%. B) power of the test is 95%. C) significance level of the test is 5%.
Q17. Which of the following statements about hypothesis testing is most accurate? A Type II error is the probability of: A) failing to reject a false null hypothesis. B) rejecting a true alternative hypothesis. C) rejecting a true null hypothesis.
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