The Titanic Hit an Iceberg and Sank

question 37

Multiple Choice

The Titanic hit an iceberg and sank. In deciding whether or not to salvage the ship, its book value is a(n)

• A)relevant cost.
• B)sunk cost.
• C)opportunity cost.
• D)discretionary cost.

---

Definitions:

P Value

A statistical measurement that helps to determine the significance of results obtained in an experiment, indicating whether the observed differences could be due to chance.

Hypothesized Reason

An assumed explanation underlying an observed phenomenon or a prediction in research, subject to testing.

Significance Level

The probability of rejecting the null hypothesis when it is actually true, usually denoted as alpha (α).

Null Hypothesis

The assumption for a statistical test that there is no association between two observed phenomena or no difference among groups.