Table 3-1 -Refer to Table 3-1

question 111

Multiple Choice

Table 3-1
$\begin{array}{|l|c|c|c|c|}\hline&\text { Labour hours needed to make } 1 \mathrm{~kg} \text { of: }&&\text { Kgs produced in } 20 \text { hours: }\\\hline & \text { Meat } & \text { Potatoes } & \text { Meat } & \text { Potatoes } \\\hline \text { Potato farmer } & 10 & 5 & 2 & 4 \\\hline \text { Zattle farmer } & 4 & 1 & 5 & 20 \\\hline\end{array}$
-Refer to Table 3-1.For the potato farmer, the opportunity cost of 1 kg of meat is:

• A)eight hours of labour
• B)four hours of labour
• C)2 kg of potatoes
• D)1/2 kg of potatoes

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Definitions:

Significance Level

Significance level is a threshold in hypothesis testing, denoting the probability of rejecting the null hypothesis when it is actually true, often set at 0.05 or 5%.

Power of the Test

The probability that the test correctly rejects the null hypothesis when the alternative hypothesis is true, indicating the test's effectiveness.

Power Consumption

The amount of electrical energy used by devices or infrastructure within a specific timeframe, often measured in kilowatt-hours (kWh).

Standard Deviation

An analytical tool used to determine the level of variability or divergence among data values.