Exhibit 9-8 The Average Gasoline Price of One of the Major Oil

question 138

Multiple Choice

Exhibit 9-8
The average gasoline price of one of the major oil companies in Europe has been $1.25 per liter. Recently, the company has undertaken several efficiency measures in order to reduce prices. Management is interested in determining whether their efficiency measures have actually reduced prices. A random sample of 49 of their gas stations is selected and the average price is determined to be $1.20 per liter. Furthermore, assume that the standard deviation of the population ( ) is $0.14.
-Refer to Exhibit 9-8. The standard error has a value of

• A)0.14
• B)7
• C)2.5
• D)0.02

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Definitions:

College Attendance

The act of being enrolled and participating in classes or academic activities in a college or university.

Demand for Professors

The need or desire for academic professionals who teach and conduct research in higher education institutions.

College Professors

Academic professionals who teach, lecture, and conduct research in colleges or universities.

Wage

The fixed amount of money or compensation paid to an employee by an employer in exchange for work performed.