An Energy Analyst Wants to Test If U

Multiple Choice

An energy analyst wants to test if U.S. oil production is random over time. The analyst has monthly production values for the two years. The analyst finds 12 months are above the median, 12 months are below the median, six runs are below the median, and five runs are above the median. Assuming the sampling distribution of R can be approximated by the normal distribution, the p-value for the test is ________.

A) less than 0.01
B) between 0.01 and 0.05
C) between 0.05 and 0.10
D) greater than 0.10