Question 3

What type of educational background do CEOs have? In one survey, 344 CEOs were asked whether they had an MBA degree. There were 128 MBAs. Estimate with 95% confidence the proportion of all CEOs who have MBAs.

Question 4

A random sample of 25 university students enrolled in a business statistics course was drawn. At the completion of their course, each student was asked how many hours they spent studying for the subject outside of class time each week. The data are provided. The instructor has recommended that students devote 5 hours per week for the duration of the 12-week semester. Test to determine whether there is evidence, at the 10% level of significance, that the average student spent less than the recommended amount of time.

Time (hrs)

5

6.5

10

4

3

2.5

3.5

9

5

5.5

8

3.5

5

6

10

9.5

2

3.5

6

4

4.5

4

3

5.5

6