A University Administrator Believes That Business Students Are More Likely

question 63

Multiple Choice

A university administrator believes that business students are more likely to be working and going to school than their liberal arts majors.This information may lead to the business school offering courses in the evening hours while the liberal arts college maintains a daytime schedule.To test this theory, the proportion of business students who are working at least 20 hours per week is compared to the proportion of liberal arts students who are working at least 20 hours per week.A random sample of 600 from the business school has been taken and it is determined that 480 students work at least 20 hours per week.A random sample of 700 liberal arts students showed that 350 work at least 20 hours per week.The observed z for this is _______.

• A)0.300
• B)0.624
• C)0.638
• D)11.22
• E)13.42

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Definitions:

Decreased Supply

A reduction in the amount of a good or service that is available for purchase in the market.

Equilibrium Price

The price point at which the supply of a good matches demand, leading to a stable market condition where there is no shortage or surplus.

Excess Supply

a situation where the quantity of a good or service supplied in a market exceeds the quantity demanded at the current price, leading to downward pressure on the price.

Property Rights

Legal rights to possess, use, and dispose of assets including real estate, intellectual property, and tangible goods.