The Average Life Expectancy of Tires Produced by the Whitney $\mu$

question 39

Multiple Choice

The average life expectancy of tires produced by the Whitney Tire Company has been 40,000 miles.Management believes that due to a new production process,the life expectancy of their tires has increased.In order to test the validity of their belief,the correct set of hypotheses is

• A)H₀: \(\mu\) < 40,000 H_a: \(\mu\) \(\ge\) 40,000
• B)H₀: \(\mu\) \(\le\) 40,000 H_a: \(\mu\) > 40,000
• C)H₀: \(\mu\) > 40,000 H_a: \(\mu\) \(\le\) 40,000
• D)H₀: \(\mu\) \(\ge\) 40,000 H_a: \(\mu\) < 40,000

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Definitions:

Corporate Income Tax

A tax imposed on the net income of a company derived from its business activities within a country.

Adam Smith

An 18th-century Scottish economist and philosopher, known as the "Father of Economics," who wrote "The Wealth of Nations" and is credited with founding modern economic theory.

Economic Role

The function or position an entity or individual plays within an economic system, influencing how resources are distributed and utilized.

Free Enterprise Economies

Systems where businesses operate with minimal government intervention, guided by the forces of supply and demand.