Exhibit 9-1

question 72

Multiple Choice

Exhibit 9-1.A university is interested in promoting graduates of its honors program by establishing that the mean GPA of these graduates exceeds 3.50.A sample of 36 honors students is taken and is found to have a mean GPA equal to 3.60.The population standard deviation is assumed to equal 0.40. Refer to Exhibit 9-1.The value of the test statistic is ____________.

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Definitions:

Equilibrium Price

The price at which the quantity of goods demanded is equal to the quantity of goods supplied, resulting in a stable market condition.

Surpluses

Surpluses occur when the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.

Market Prices

The current prices at which goods and services can be bought or sold in a marketplace.

Rationing Function

The process by which the market system allocates goods and services to consumers when supply is limited.