The Average Cost of Tuition and Room and Board at Small

question 111

Multiple Choice

The average cost of tuition and room and board at small private liberal arts colleges is reported to be $8,500 per term, but a financial administrator believes that the average cost is higher. A study conducted using 350 small liberal arts colleges showed that the average cost per term is $8,745. The population standard deviation is $1,200. Let α = 0.05. What is the p-value for this test?

• A)0.0000
• B)0.0124
• C)0.0500
• D)0.4938

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Definitions:

Subtropics

Regions of the Earth located immediately north and south of the tropics, characterized by hot summers, mild winters, and relatively high humidity.

Arid Lands

Regions characterized by extremely dry conditions, insufficient rainfall, and limited water resources, supporting sparse vegetation.

Greenhouse

Refers to the trapping of the sun's warmth in a planet's lower atmosphere due to the presence of greenhouse gases, leading to an increase in temperature.

Atmospheric

Related to or occurring within the Earth's atmosphere, involving aspects like weather, climate, and air quality.