Exhibit 9-8 The Average Gasoline Price of One of the Major Oil

question 125

Multiple Choice

Exhibit 9-8
The average gasoline price of one of the major oil companies in Europe has been $1.25 per liter. Recently, the company has undertaken several efficiency measures in order to reduce prices. Management is interested in determining whether their efficiency measures have actually reduced prices. A random sample of 49 of their gas stations is selected and the average price is determined to be $1.20 per liter. Furthermore, assume that the standard deviation of the population ( ) is $0.14.
-Refer to Exhibit 9-8. The value of the test statistic for this hypothesis test is

• A)1.96
• B)1.645
• C)-2.5
• D)-1.645

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Definitions:

Environmental Resistance

The sum of environmental factors that limit the growth, distribution, or population size of an organism.

Biotic Factors

Living components of an ecosystem, such as plants and animals, that influence the structure and function of the ecosystem.

Carrying Capacity

The maximum number of individuals or species an environment can support without degradation.

Growth Rate

The rate at which a population or economic variable increases over a specific period, often expressed as a percentage.