Using the Excel Printout Below to Compare the Mean Annual

question 35

Multiple Choice

Using the Excel printout below to compare the mean annual incomes for executives with
Undergraduate and Master's Degree or more, the following statements can be made:

• A) since the calculated F-value is smaller than the F-critical value, there is no significant difference in the incomes of these two groups.
• B) since the calculated F-value is smaller than the F-critical value, there is a significant difference in the incomes of these two groups.
• C) since the P-value is 0.62, there is a 62% chance of these results happening when there is no significant difference in the incomes of these two groups.
• D) since the calculated F-value is larger than the F-critical value, and the P-value is so small, there is strong evidence to suggest that both groups with different levels of education Have the same incomes.
• E) since the calculated F-value is smaller than the F-critical value, there is no significant difference in the incomes of these two groups; also, since the P-value is 0.62, there is a

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Definitions:

Increasing Opportunity Cost

Increasing opportunity cost implies that producing more of one good requires giving up an increasing amount of production of another good, reflecting resource specialization.

Consumer Goods

Products and services that are purchased for personal use or consumption.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a particular way.

Production Possibility Frontier

A graph that shows all the highest possible production levels for two products, based on available resources and technological capabilities.