I the Statistical Technique Used to Test the Equality of Three

question 41

Multiple Choice

i. The statistical technique used to test the equality of three or more population means is called
Analysis of variance (ANOVA) .
ii. To employ ANOVA, the populations should have approximately equal standard deviations.
iii. To employ ANOVA, the populations being studied must be approximately normally distributed.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) and (ii) are correct statements but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) (i), (ii), and (iii) are all false statements.

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Definitions:

Production Inefficiency

A situation where resources are not utilized in the best possible manner, resulting in wasted potential output.

Production Possibility Frontier

A graphical representation that shows the maximum combination of two goods or services that can be produced within a given time period, given available resources and technology.

Economic Growth

A growth in an economy's ability to generate goods and services when comparing two different time periods.

Unemployment

A condition where people who are willing to work at prevailing wage rates cannot find employment.