At a Recent Meeting,the Manager of a National Call Center

question 27

Multiple Choice

At a recent meeting,the manager of a national call center for a major Internet bank made the statement that the average past-due amount for customers who have been called previously about their bills is now no larger than $20.00.Other bank managers at the meeting suggested that this statement may be in error and that it might be worthwhile to conduct a test to see if there is statistical support for the call center manager's statement.The file called Bank Call Center contains data for a random sample of 67 customers from the call center population.Assuming that the population standard deviation for past due amounts is known to be $60.00,what should be concluded based on the sample data? Test using α = 0.10.

• A)Because p-value = 0.4121 > alpha = 0.10,we do not reject the null hypothesis.
• The sample data do not provide sufficient evidence to reject the call center manager's statement that the mean past due amount is $20.00 or less.
• B)Because p-value = 0.4121 > alpha = 0.10,we reject the null hypothesis.
• The sample data provide sufficient evidence to reject the call center manager's statement that the mean past due amount is $20.00 or less.
• C)Because p-value = 0.2546 > alpha = 0.10,we do not reject the null hypothesis.
• The sample data do not provide sufficient evidence to reject the call center manager's statement that the mean past due amount is $20.00 or less.
• D)Because p-value = 0.2546 > alpha = 0.10,we reject the null hypothesis.

Understand the impact of national income fluctuations on currency exchange rates.

Comprehend the effect of foreign investments and tourism on currency values.

Know the differences between fixed and flexible exchange rate systems and their advantages and disadvantages.

Understand policy tools available to governments to maintain fixed exchange rates.

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Definitions:

Nonrenewable Resources

Natural resources that cannot be replenished within a human lifetime, such as fossil fuels or minerals.

Opportunity Cost

The value of the next best alternative foregone as the result of making a decision, representing the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Extracting

The process of obtaining raw materials from the natural environment for use in the production of goods or services.

Selling

The act of offering goods or services in exchange for money, involving strategies and processes to persuade customers to make a purchase.