Table 2.6 Table 2.6 Shows the Number of Labour Hours Required to of Labour

question 147

Multiple Choice

Table 2.6

Table 2.6 shows the number of labour hours required to produce a digital camera and a kilo of wheat in China and South Korea.
-Refer to Table 2.6. What is China's opportunity cost of producing 1 kilogram of wheat?

• A)0.04 units of a digital camera
• B)0.05 units of a digital cameras
• C)25 digital cameras
• D)40 digital cameras

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Definitions:

Test-Statistic

A value computed from sample data during a hypothesis test, used to determine whether to reject the null hypothesis.

P-Value

The probability, under the null hypothesis, of obtaining a result equal to or more extreme than what was actually observed.

Null Hypothesis

An assertion for statistical testing that presupposes no significant difference or correlation between specified groups or variables.

Statistical Evidence

Quantitative data used to support or refute a hypothesis or to estimate the truth of a parameter.