Consider the Following to Answer the Question(s) Below

question 21

Multiple Choice

Consider the following to answer the question(s) below:
The cost of a university education has increased at a much faster rate than costs in general over the past twenty years. In order to compensate for this, many students work part- or full-time in addition to attending classes. At one university, it is believed that the average hours students work per week exceeds 20. A random sample of 20 students was selected and the following values were observed:

-At α = 0.05

• A) We fail to reject the null hypothesis, and we cannot conclude that students work in excess of 20 hours per week because there is not enough evidence to show otherwise.
• B) We reject the null hypothesis.
• C) We know that students do not work more than 20 hours.
• D) We know students work more than 20 hours per week.
• E) No conclusion can be reached about the hypothesis with the information that is given.

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Definitions:

Public Policy

Principles and standards considered to be in the interest of the public and used as a guide in legislative, judicial, or administrative actions.

Reasonable

Actions, decisions, or policies that are logical, fair, and sensible from an objective viewpoint.

Illegal Contract

A contract that is unenforceable by law because it involves activities that are against the law or public policy.

Restraint Trade

Legal provisions designed to prohibit or control practices that restrict free trading and competition between businesses.