GM Recently Posted Outstanding Profits for the Previous Year

question 18

Multiple Choice

GM recently posted outstanding profits for the previous year. Union representatives would expect GM to

• A) hire more workers to keep the momentum going.
• B) be more concerned with cutting costs in the following year due to a smaller gross margin.
• C) give pay increases to its unionized members.
• D) give pay cuts to its unionized members.
• E) renegotiate the contract for different benefits.

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Definitions:

Probability

A measure of the chance or likelihood that a certain event will occur, often quantified as a fraction or percentage.

Variance

A statistical measure of the dispersion representing how much the values in a data set differ from the mean of the data set.

Highly Significant

A statistical term used to describe an outcome when the observed p-value is much lower than the specified level of significance (α), strongly indicating a true effect.

Statistical Significance

A measure of the likelihood that a difference or relationship observed in a study could have occurred by random chance, often denoted by a p-value.