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TABLE 12-14
A filling machine at a local soft drinks company is calibrated to fill the cans at an average amount of 12 fluid ounces and a standard deviation of 0.5 ounces. The company wants to test whether the standard deviation of the amount filled by the machine is indeed 0.5 ounces. A random sample of 15 cans filled by the machine reveals a standard deviation of 0.67 ounces.
-Referring to Table 12-14, which is the appropriate test to use?
Scarcity
A fundamental economic problem of having seemingly unlimited human wants in a world with limited resources, which leads to the necessity of making choices on how to allocate resources.
Resources
Assets or inputs used in the production of goods and services, such as time, labor, and capital.
Economy
An extensive network of activities related to producing, consuming, and exchanging that assists in allocating limited resources.
Severe Recession
A period of significant decline in economic activity across the economy, lasting longer than a few months.
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