Suppose That the Waiting Time for a License Plate Renewal

question 97

Multiple Choice

Suppose that the waiting time for a license plate renewal at a local office of a state motor vehicle department has been found to be normally distributed with a mean of 30 minutes and a standard deviation of 8 minutes.Suppose that in an effort to provide better service to the public,the director of the local office is permitted to provide discounts to those individuals whose waiting time exceeds a predetermined time.The director decides that 15 percent of the customers should receive this discount.What are the numbers of minutes they need to wait to receive the discount?

• A)34.48
• B)21.68
• C)38.32
• D)25.52

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Definitions:

Free Trade

The unrestricted purchase and sale of goods and services between countries without the imposition of constraints such as tariffs, duties and quotas.

Entrepreneurial Ability

The skill to innovate, take risks, and efficiently allocate resources to create and manage a business.

Human Capital

A form of intangible capital that includes the skills and other knowledge that workers have or acquire through education and training and that yields valuable services to a firm over time.

Labor Productivity

The measure of economic output per unit of labor input, often used to gauge the efficiency of a workforce.