A Researcher Wants to Know If People of Different Age

question 11

Multiple Choice

A researcher wants to know if people of different age groups spend the same time on purchasing goods and services. The researcher considers four age groups and conducts a survey using a random sample for each of these groups. Each person in the samples answers the question about how many hours does he or she spend per week on average on purchasing goods and services. The results are represented in the table below. Carry out an ANOVA F-test and interpret the results using the 95% confidence level.

• A) , , , and p-value is very close to 0.We accept the null hypothesis and can conclude that time spending on purchasing goods and services is the same for all age groups.
• B) , , , and p-value is very close to 0.We reject the null hypothesis and can conclude that time spending on purchasing goods and services is not the same for all age groups.
• C) , , , and p-value is less than 0.05.We accept the null hypothesis and can conclude that time spending on purchasing goods and services is the same for all age groups.
• D) , , , and p-value is greater than 0.05.We reject the null hypothesis and can conclude that time spending on purchasing goods and services is not the same for all age groups.

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Definitions:

GDP

The Gross Domestic Product, or GDP, is a metric that captures the entire value of goods and services generated within a country over a set period, serving as a gauge of its economic performance.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced by an economy in a specific period, using constant prices.

Inflation

A comprehensive increase in the cost of goods and services and a depreciation in money's worth.

Home-grown Tomatoes

Tomatoes that are cultivated in personal gardens or small-scale farms, typically for personal consumption rather than commercial sale.