Consider the Following to Answer the Question(s) Below

question 3

Multiple Choice

Consider the following to answer the question(s) below:
A large software development firm recently relocated its facilities. Top management is interested in fostering good relations with their new local community and has encouraged their professional employees to engage in local service activities. They believe that the firm's professionals volunteer an average of more than 15 hours per month. If this is not the case, they will institute an incentive program to increase community involvement. A random sample of 24 professionals reported the following number of hours:
The sample has a mean of 16.6 hours and a standard deviation of 2.22 hours.
-At α = 0.05

• A) We reject the alternative hypothesis.
• B) We fail to reject the null hypothesis.
• C) The firm should institute an incentive program because the evidence indicates that professional employees volunteer an average of no more than 15 hours per month.
• D) We reject the null hypothesis, and the firm shouldn't need to institute an incentive program because the evidence indicates that professional employees volunteer an average of more than 15 hours per month.
• E) No conclusion can be reached about the hypothesis with the information that is given.

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Definitions:

Scarcity

The limited availability of resources to meet unlimited wants and needs.

Economic Principle

A widely accepted generalization that guides the analysis of economics, helping to predict how economic agents will behave under certain conditions.

Incentives

Factors or stimuli that motivate or encourage individuals or entities to act in a certain way, often aimed at achieving a specific outcome or behavior.

Community

A group of people living in the same place or having a particular characteristic in common, or the feeling of fellowship with others due to shared attitudes, interests, and goals.