The Average Number of Hours for a Random Sample of Mail

question 59

Multiple Choice

The average number of hours for a random sample of mail order pharmacists from company A was 50.1 hours last year. It is believed that changes to medical insurance have led to a reduction in the average work week. To test the validity of this belief, the hypotheses are

• A)H₀: U > 50.1, H_{a : U < 50.1.}
• B)H₀: U = 50.1, H_{a : U ≠ 50.1.}
• C)​H₀: U ≤ 50.1, H_{a : U > 50.1.}
• D)H₀: U ≥ 50.1, H_{a : U < 50.1.}

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Definitions:

Loanable Funds

The total amount of capital available for borrowing, often used in the context of the market for loans.

Interest Rates

Interest rates are the percentages charged or paid for the use of money on loans or deposits, influencing economic activities like borrowing and investing.

Loanable Funds

The funds available for borrowing, which are determined by the savings and investments in an economy.

Interest Rates

The percentage charged by a lender to a borrower for the use of assets, usually expressed as an annual percentage of the principal loan amount.