Let's further test your understanding of some of the big ideas. Read carefully through the scenario below. It is claimed that 15% of college students major in Business. Believing this claimed value is too high, a researcher surveys a random sample of 500 college students and finds that 12% of these students are majoring in Business. After conducting a hypothesis test at a significance level of 0.01, the researcher obtains a P-value of 0.0287. The following statements (presented in Questions 14 through 17) relate to the above scenario, and each statement includes at least one mistake. Explain what is wrong with each statement. 14. Because the P-value of 0.0287 is smaller than the population proportion of 0.15, there is evidence against the null hypothesis.