TABLE 12-3
a Computer Used by a 24-Hour Banking

question 85

Multiple Choice

TABLE 12-3
A computer used by a 24-hour banking service is supposed to randomly assign each transaction to one of 5 memory locations. A check at the end of a day's transactions gave the counts shown in the table to each of the 5 memory locations, along with the number of reported errors.
$$\begin{array}{l}\begin{array} { l l l l l r } \hline \text { Memory Location: } & 1 & 2 & 3 & 4 & 5 \\\hline \text { Number of Transactions: } & 82 & 100 & 74 & 92&102\end{array}\\\begin{array} { l l l l l l } \text { Number of Reported Errors: } & 11 & 12 & 6 & 9 & 10\end{array}\end{array}$$ The bank manager wanted to test whether the proportion of errors in transactions assigned to each of the 5 memory locations differ.
-Referring to Table 12-3, the calculated value of the test statistic is

• A) -0.0185.
• B) 1.4999.
• C) 1.5190.
• D) -0.1777.

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Definitions:

Efficient Outcomes

An economic condition whereby resources are allocated in the most effective manner, maximizing overall welfare.

Demand Curves

Graphic representations showing the relationship between the price of a good or service and the quantity of that good or service people are willing and able to buy.

Supply Curves

A graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good or service and the market price they actually pay.