Based on the average predictions of 47 members of the National Association of Business Economists (NABE), the U.S. gross domestic product (GDP) will expand by 3.2% in 2011 (The Wall Street Journal, May 23, 2010). Suppose the sample standard deviation of their predictions was 1%. At a 5% significance level, test if the mean forecast GDP of all NABE members is greater than 3%.(You may find it useful to reference the appropriate table:z tableort table)

a.Select the null and the alternative hypotheses. (multiple choice)

a. H₀:= 3;H_A: 3

b. H₀: 3;H_A:> 3

c. H₀: 3;H_A:< 3

b.Calculate the value of test statistic.(Round intermediate calculations to at least 4 decimal places and final answer to 3 decimal places.)

c.Find thep-value. (multiple choice)

a. p-value 0.01

b. 0.01 <p-value 0.025

c. 0.025 <p-value 0.05

d. 0.05 <p-value 0.10

e. p-value >0.10

d.At a 5% significance level, can we conclude thatthe mean forecast GDP of all NABE members is greater than 3%? (multiple choice)

a. Yes, since we rejectH₀.

b. Yes, since we do not rejectH₀.

c. No, since we rejectH₀.

d. No, since we do not rejectH₀.