The Mean Annual Incomes of Certified Welders Are Normally Distributed

question 61

Multiple Choice

The mean annual incomes of certified welders are normally distributed with the mean of $50,000 and a population standard deviation of $2,000. The ship building association wishes to find out whether their welders earn more or less than $50,000 annually. The alternate hypothesis is that the mean is not $50,000. Which of the following is the alternate hypothesis?

• A)H₁: ≠ $50,000
• B)H₁: µ ≠ $50,000
• C)H₁: µ < $50,000
• D)H₁: µ = $50,000

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Definitions:

Selling and Administrative Expenses

Expenses that are not directly related to the production of goods, including costs related to the selling of products and managing the business.

Merchandise Inventory

Goods a company intends to sell to customers that are considered a current asset on the balance sheet.

Cash Budget

A financial plan that estimates a company's cash inflows and outflows over a specified period, helping in managing liquidity.

Cash Disbursements

The process of paying out money from a company or individual's cash account, usually including expenses, debt payments, and other financial transactions.