Exhibit 20

Multiple Choice

Exhibit 20.13.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,6 runs are below the median,and 5 runs are above the median. Refer to Exhibit 20.13.Using the p-value approach and ,the appropriate conclusion is:

A) Do not reject the null hypothesis,conclude oil production is not random
B) Reject the null hypothesis,conclude oil production is not random
C) Reject the null hypothesis,conclude oil production is random
D) Do not reject the null hypothesis,cannot conclude oil production is not random