An Accountant Wants to Know If the Property Taxes Paid

question 24

Multiple Choice

An accountant wants to know if the property taxes paid by clients who live in the city are different from those who live in the county.The property taxes paid by five clients from the city (sample 1) and five clients from the county (sample 2) are shown below. The value of the test statistic is _____.

• A) 10
• B) 21
• C) 34
• D) 55

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Definitions:

Fixed Input

A resource used in production that cannot be changed in the short term, such as buildings and machinery.

Short Run

A time period in economics during which at least one input, such as plant size or capital, is fixed and cannot be changed.

Total Fixed Cost (TFC)

The sum of all costs required to produce any level of output that does not change as the level of production increases or decreases.

Total Costs (TC)

The total of variable and fixed expenses a business faces while creating goods or services.