A Test Is Scheduled for Monday Morning, and You Went

question 174

Multiple Choice

A test is scheduled for Monday morning, and you went to a party on Sunday night. If you hadn't attended the party, you could have studied for the test or gone to a movie. Which of the following is true of your opportunity cost?

• A) The opportunity cost of going to the movie is zero.
• B) The opportunity cost of going to the party is the difference between the costs of the movie and the party.
• C) The opportunity cost of going to the party is the total amount spent on transport to go to the party.
• D) The opportunity cost of going to the party is the cost of the movie ticket.
• E) From the above information, it's not possible to determine the opportunity cost of attending the party.

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Definitions:

T Test

A statistical test used to compare the means of two groups, determining if there is a significant difference between them.

T Test

A statistical test used to determine if there is a significant difference between the means of two groups, which may be related in certain features.

Mean Scores

The average value of a set of numbers, calculated by dividing the sum of all values by the number of values.

Standard Error

The statistical measure that describes the accuracy with which a sample represents a population, often used in inferential statistics.