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1. A Company claims that the average time a customer waits on hold is less than 5 minutes. A random sample of 28 customers shows a mean wait time of 4.78 minutes with a sample standard deviation of 1.8 minutes. Test the Company's claim at a 1% (.01) level of significance. What is your conclusion?
2. A recent newspaper story claims that less than 12% of the current U.S. workforce are union members. A random sample of 250 workers showed that 23 were union members. Test the newspaper claim at a 5% level of significance. What is your conclusion?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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