Given the Following Sample Data Based on the Computations

question 12

Multiple Choice

Given the following sample data Based on the computations for the within- and between-sample variation, develop the ANOVA table and test the appropriate null hypothesis using alpha= 0.05. Use the p-value approach.

• A) Since p-value = 0.0678 > 0.05 reject H0 and conclude that at least two population means are different.
• B) Since p-value = 0.000136 < 0.05 reject H0 and conclude that at least two population means are different.
• C) Since p-value = 0.0678 > 0.05 accept H0 and conclude that all population means are the same.
• D) Since p-value = 0.000136 < 0.05 accept H0 and conclude that all population means are the same.

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Definitions:

Comparative Advantage

The ability of an individual or country to produce a good or service at a lower opportunity cost than competitors.

Production Possibilities Curve

A graph that shows the combinations of two goods that an economy can produce using all its resources efficiently.

Comparative Advantage

The capacity of a party to produce products or services with a lesser opportunity cost compared to others.

Opportunity Cost

The cost of the next best alternative foregone when making a decision.