A consumer group plans to test whether a new passenger car that is advertised to have a mean highway miles per gallon of at least 33 actually meets this level
They plan to test the hypothesis using a significance level of 0.05 and a sample size of n = 100 cars. It is believed that the population standard deviation is 3 mpg. Based upon this information, if the "true" population mean is 32.0 mpg, what is the probability that the test will lead the consumer group to "accept" the claimed mileage for this car?
A) About 0.45
B) Approximately 0.0455
C) About 0.9545
D) None of the above
B
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Indicate whether the statement is true or false
When is an agency relationship irrevocable?
a. It is never irrevocable. b. When the agency is coupled with an interest of the agent in the subject matter. c. When the principal violates his duties to the agent. d. When the agent is a fiduciary.
When Myrtle comes home from work one evening, she finds that her yard has been mowed and trimmed. Later, a man comes to collect for the yard work done. Myrtle refuses to pay for the work since she has never seen the man before and did not hire him to do her yard work. Which of the following answers is most accurate?
A) This is an implied, unilateral contract and she must pay the price requested by the man. B) This is an express, voidable contract that either party may avoid. C) The court would order Myrtle to pay the reasonable value of the yard work because of the benefit conferred on her. D) Myrtle would not have to pay for the yard work.
Evidence suggests that the price of a stock continues to move up or down for a period of
A) a decade or more. B) 3 to 5 years. C) 1 to 3 years. D) 6 to 12 months.