A Recent Survey of Gasoline Prices Indicated That the National $\$ 4.098$

question 83

Multiple Choice

A recent survey of gasoline prices indicated that the national average was $\$ 4.098$ per gallon. The Dallas Automobile Club claimed that gasoline in Texas was significantly lower than the national average. A survey covering 10 different suburbs in Dallas found the average price of gasoline to be $\$ 3.924$ per gallon with a population standard deviation of $\$ 0.053$ . What critical value should be used to test the claim using $\alpha = 0.01$ ?

• A) -2.33
• B) -1.26
• C) 1.26
• D) 2.33

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Definitions:

Inventory Held

The goods and materials that a business has in stock and available to sell at a given time.

Credit Policy

The guidelines a company follows to determine the amount and terms of credit to extend to customers.

ACP

Average Collection Period, a metric that measures the average number of days it takes for a company to collect its accounts receivable.

Processing Float

The time lag between when a check is written and when it is actually deducted from the payer's account, affecting the available balance.