Examlex

Solved

A Shoe Salesman Wishes to Check the Validity of His

question 48

Multiple Choice

A shoe salesman wishes to check the validity of his supplier's claim that the average length of the adult male foot is 9.34 in.He randomly samples 35 customers and finds their average foot length to be 9.01 in.The standard deviation of foot length is known to be 0.75 in.What would be the critical value and decision for this test if the salesman thinks the supplier's claim is too high? (Use α = 0.01.)


Definitions:

Wages

The compensation paid to employees for their labor, typically quantified as an hourly, daily, or piece-rate basis.

Price Level

A benchmark for assessing the average current prices of a vast variety of goods and services produced within the economy.

Active Policy

A governmental policy that involves direct intervention in the economy, such as adjusting interest rates or spending.

Stimulus Package

A set of government spending policies or tax cuts designed to boost economic activity and stimulate growth during or after a recession.

Related Questions