Suppose You Have a Choice of Working Full-Time During the Summer

question 100

Multiple Choice

Suppose you have a choice of working full-time during the summer or going full-time to summer school.Summer tuition and books are $2, 200.If you worked, you could make $7, 000.Your rent is $1, 000 for the summer, regardless of your choice.The opportunity cost of going to summer school is, therefore,

• A)$2, 200
• B)$7, 000
• C)$8, 000
• D)$9, 200
• E)$10, 200

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Definitions:

Expected Frequency

In statistics, the frequency expected in a category of a contingency table under the assumption that the null hypothesis is true.

Chi-Square

A statistical test that measures the difference between observed and expected frequencies in categorical data.

Row Variable

In the context of a data table or matrix, it refers to the variable represented by the rows, often used in cross-tabulation to compare against another variable.

Column Variable

A variable represented by a column in a dataset, where each entry in the column represents a value of the variable.