See attached data file.
Complete the five step hypothesis for the following research question. Please include brief word summary, in addition to the calculations for each step.
Do countries with labor forces less than or equal to 30 million have exports greater than or equal to $90 billion?
The Five-Step Procedure for Hypothesis Testing
State the null hypothesis -
State the alternate hypothesis -
Select a level of significance (ά or alpha) which will be used when finding critical value(s).
Identify the test statistic - this is the formula you use given the data in the scenario. Simply put, the test statistic may be a Z statistic, a t statistic, or some other distribution.
State the decision rule.
Take a sample and arrive at a decision.
Our job now is to calculate the value of Z (or t, or other distribution) based on a sample. If the
Step by step method for testing the hypothesis under 5 step approach is discussed here. Excel template for each problem is also included. This template can be used to obtain the answers of similar problems.