In Two-Way Analysis of Variance

question 17

Multiple Choice

In two-way analysis of variance:

• A) There are two independent variables and one dependent variable.
• B) There are two dependent variables and one independent variable.
• C) The two independent variables must be at the interval/ratio level of measurement.
• D) Both (b) and (c) are incorrect.

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Definitions:

Opportunity Cost

The economic impact of dismissing the next prime alternative while reaching a decision.

Scarce Resources

Limited supplies of inputs necessary for production, leading to trade-offs and choices in their allocation.

Capital

Assets or money possessed by an individual or organization, which can be used for initiating a business or investment purposes.

Marginal Rate

The additional cost or benefit associated with producing or consuming one additional unit of a good or service.