Imagine the Average Time to Complete a 4-Year Bachelor Degree

question 82

Multiple Choice

Imagine the average time to complete a 4-year bachelor degree is actually 4.7 years based on national data.You collect data on the 68 psychology students who started school during the same semester as you, finding an average time to complete at 4.3 years with a standard deviation of 0.6 years.What is your 95 percent confidence interval?

• A) [4.23, 4.37]
• B) [3.85, 4.15]
• C) [4.10, 5.30]
• D) [4.15, 4.45]

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Definitions:

Labour Efficiency Variance

The difference between the actual labor hours used and the standard labor hours expected for the level of production achieved.

Variable Overhead

Indirect manufacturing costs that vary with the level of production output, such as utilities and maintenance expenses.

Labour Rate Variance

The difference between the actual cost of labor and its budgeted (or standard) cost, often arising from paying different wages than anticipated.

Flexible Budget Variance

A financial performance measure that compares actual results with expected outcomes based on different levels of production or sales activity.