1. Differentiate between 'a probability value' and 'the significance level'. (6 marks)

2. A firm's profit increased from 1990 to 1991 by 20%, but it decreased by 17% from 1991 to 1992. Which of the years 1990 and 1992 had the higher profit? (4 marks)

3. The ratio of defective items to quality items in a production line is 2:18.

a. If 2,400 items were produced, how many defective items were there? (2 marks)

b. What percentage of items was of good quality? (2 marks)