Discussion:
Q: Comparison between unemployment and import export data for the four different countries (China, Chile, Canada, and United States).
Create a paper that states "for the null hypothesis we are saying that unemployment does impact export/import and for the alternate we are trying to prove that unemployment does not affect the import/export for each countries."
Step 1
State the null hypothesis and alternate hypotheses
Step 2
Select a level of significance (? or alpha) which will be used when finding critical value(s).
Common significance levels are .01, .05, and .10. It is important to always state the chosen level of significance.
Step 3
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.
Step 4
State the decision rule. The decision to reject the null hypothesis is made when the value of the test statistic exceeds the critical value.
Step 5
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 calculated value of Z is larger than the critical Z value, (the Z value separating the rejection region from the nonrejection region), then we will reject the null hypothesis in favor of the alternate. On the other hand, if the calculated value of Z is smaller than the critical value that would indicate the observed result was probably due to chance rather than effect. When the null hypothesis is rejected, the results are considered to be statistically significant. The observed results are not due to the chance of drawing a biased sample. When the null hypothesis is not rejected, the results are considered to be not statistically significant, generally indicating random chance.
Attachment:- Compare the countries.rar