SCENARIO 14-7 the Output Below Shows the Results of Cluster Analysis on Analysis

question 38

True/False

SCENARIO 14-7
The output below shows the results of cluster analysis on the different regions of the world (North
America, Asia Pacific, Western Europe, Central & Eastern Europe, Latin America, and Middle East
& Africa) based on the amounts (in billions of US dollars) and the percentage changes from prior year of business-to-consumer ecommerce sales last year.
-Referring to SCENARIO 14-7, North America and Western Europe are the second groups of countries that cluster together.

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Definitions:

Age-Earnings Data

Information that correlates individuals' ages with their earnings to analyze economic patterns.

Higher-Educated Workers

Employees who have completed advanced levels of formal education, typically resulting in higher skill levels and wages.

Market Imperfection

Any deviation from the ideal conditions of a fully competitive market, which may lead to inefficient market outcomes.

Persistent Wage Differentials

The continuous difference in wages across sectors, regions, or occupations due to factors like differences in skill levels, working conditions, or geographic location.