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Before the 1973 oil embargo and subsequent increases in the price of crude oil, gasoline usage in the United States had grown at a seasonally
Before the 1973 oil embargo and subsequent increases in the price of crude oil, gasoline usage in the United States had grown at a seasonally adjusted rate of 0.57 percent per month, with a standard deviation of 0.10 percent per month. In 15 randomly chosen months between 1975 and 1985, gasoline us age grew at an average rate of only 0.33 percent per month. At a 0.01 level of significance, can you conclude that the growth in the use of gasoline had decreased as a result of the embargo and its consequences?
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