The Owner of a Large Car Dealership Believes That the Financial

question 51

Multiple Choice

The owner of a large car dealership believes that the financial crisis decreased the number of customers visiting her dealership. The dealership has historically had 800 customers per day. The owner takes a sample of 100 days and finds the average number of customers visiting the dealership per day was 750. Assume that the population standard deviation is 350. The value of the test statistic is ________.

• A) z = -1.429
• B) t₉₉ = -1.429
• C) z = 1.429
• D) t₉₉ = 1.429

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Definitions:

International Trade

The exchange of goods and services between countries, driven by comparative advantages and resulting in increased global economic interaction.

Autarky Price

The price of a good within a closed economy that does not engage in trade with external entities.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually do pay.

Autarky Price

The price of a good in a country without international trade, determined solely by domestic supply and demand.